A huge transfer of wealth is coming. The baby-boomers, the richest generation ever, are coming to the end of their lives, where will their wealth go?
This question might seem crass. Baby-boomers aren’t a community of children’s cartoon characters: they are our parents and grandparents, uncles and aunts. Thinking about them passing away is uncomfortable, worrying and upsetting.
Covid-19 has reminded us all of our mortality, and filled us with fear for our own health and that of our friends and relatives. This terrible pandemic has also highlighted how much work needs to be done to make our society fairer and better for all, with some groups disproportionately more likely to catch it and die from it. Perhaps looking at these two things through the lens of legacy giving can bring us some hope.
The transfer of wealth that is expected over the next decade or so will dwarf the combined wealth of Jeff Bezos, Elon Musk and every other billionaire you can name. What if this wealth, or even some significant part of it, finds its way into our sector? How could it help us to tackle climate catastrophe, inequality, injustice, and find cures for the illnesses that plague our society?
In one of our most recently broadcast Charity Chat podcast episodes we spoke with Jon Brewer, founder of charitable will-making service Bequeathed, about legacy giving, how charities can navigate this complex topic sensitively, and how to ensure a win-win for charities and their supporters.
Charity Chat will be interviewing more guests about legacy giving over the coming weeks to enrich the discussion around legacies, and how charities can bring hope to those at beginning, middle and end of their lives.
Samuel Davies is a fundraising leader and trustee and Chair of Charity Chat and regularly produces their podcast episodes.
Photo: Legacy type Marekuliasz on Shutterstock.com
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