The Philanthropist Inside Us All

The Philanthropist Inside Us All

By Melinda Gustafson Gervasi

March 18, 2024

Earlier this year a news headline caught my attention, Reflecting on your legacy could make you more philanthropic, new research finds. Specifically the statement that "...when people are prompted to consider how their lives will impact future generations, they allocate more of their wealth to collective causes like charities and less to family members." This rung true with me based on nearly twenty years of client meetings; here is a standard discussion with clients creating or updating a will:

Question: "When you die, where do you want your assets to go?"

Answer: "To my spouse or partner." stated quickly, with no need to think.

Question: "And if they predecease you, then where?" I ask with a gentle tone.

Answer: "Equally between my children?" Again, offered without much reflection by those clients with children.

Question: "And if you have no surviving children or grandchildren, then where?  Perhaps this seems extreme, but oftentimes families all board a plane to celebrate a significant birthday or anniversary in Hawaii.  What if you had a great time, but the plane did not make it back?"

And then the pause happens....

Answer: "Wow, I've NEVER thought of that scenario".  

It is not uncommon, after taking a few days to reflect on the question, the client returns with a list of nonprofits they value and respect.  This is not always the case, but it happens a good deal of the time. For those interested in reading more about how you can be philanthropic in your estate plan, you may want to check out a small book  I released in 2013 called Middle Class Philanthropist: How Anyone Can Leave a Legacy.

As a reminder, a blog is not legal advice.  It is meant to spark thought and reflection.  Please seek counsel from an attorney licensed in your home state.  Be well and thank you for reading.