Over the next two months, we will look at practical ways to boost (or start!) a planned giving program. Next month, we will look at how to build relationships with planned gift donors, but first we will examine who could be your planned giving donors. Data highlighted in this article comes from a 2019 GivingUSA study looking at planned gifts (linked here).

Age

The GivingUSA data shows that the average age of writing a first will is 44 years old, and nearly half of donors established their first planned gift at the same time.

Takeaway: Don’t focus solely on the retiree crowd. It’s true, this group may be making adjustments to their estate plans, but you may also be competing against other organizations that have already been included. Slide your age for planned giving messaging down a bit, below 44, so it can be on the radar for those writing their first will.

Relationship

Planned giving donors typically have a close, personal relationship with an organization. These donors often identify as alumni (36%), volunteers (36%), board members (14%), or staff (11%).

Takeaway: It is wise to drop those that don’t have a close connection with your organization—say an event attendee or someone who made a memorial or honorary gift. That doesn’t mean you have to give up on those people entirely, but if you want to start talking about a planned gift, you need to grow the relationship. And don’t forget to speak to your board as whole and individually!

Giving

When it comes to planned gifts, the longevity of the giving is much more important than the size. Half of donors in the GivingUSA data had given less than $25,000 to their beneficiary organization, and 78% said they have supported their largest beneficiary for at least 20 years!

Takeaway: While it does make sense to add some giving threshold to filter likely planned giving prospects, keep it low (this will vary from organization to organization). Focus more on consecutive or total years of giving.

Donor research databases like iWave or WealthEngine can also be helpful and identifying planned givers based on other factors like assets and number of heirs. Next month, we will focus on how to build relationships with the potential planned gift donors.