A Charitable Conversation About Death: Philanthropy as Enduring Legacy
- David Hickson
- 3 days ago
- 6 min read
You are a relational being who can choose to escape from reality or to embrace reality. Reality involves death. Are you willing to develop a positive association between two unsettling words, philanthropy and death? When you think of philanthropy, you might think “less money” or “obligation;” your stomach rolls; you need money to survive and to pass on to the next generation. Then, when you think of death – but you do not want to think of death; it is far away; it is frightening. But deep down, you need to accept reality and think about these two words, for you have assets to pass on, and you certainly will come to the end of this life. The question is, are you willing to be intentional regarding these two realities?
As a leader in a family or a company, have you not already given generously in order to help others and improve the state of the world? This generosity of yourself and your assets has been key to making you the leader that you are. Do you not want to extend this generosity after you have retired or after you have died? Should you not plan now for the only certainty in life? You have the time now to identify your values and passions and plan for the future according to what and whom you cherish and have worked for all your life. This planning can prove to be charitable for yourself, your family, your company, as well as the larger community.
Sadly, most people do not consider that their legacy can continue after they die. Research suggests that more than 50% of the people in the world die without having made a will.
Fear of facing the reality of one’s death might be the main reason for this failure. How unfortunate, especially since dying without a will, called intestacy, can not only be legally and emotionally complicated for everyone involved, but also everything you have worked for might be lost in the courts and never benefit those people and organizations you deeply value. The invitation to make a will or leave a legacy is an invitation to be intentional and plan for the future.
When philanthropy directs our planning for the future, the prospect of death loses its sting and instills peace and hope in our hearts. Dr. Steven R. Covey encourages one to “begin with the end in mind.”
Your stature as a leader and your success in accumulating your assets has largely been the result of your wise and prudent planning. Now is the time to plan for the future and create a legacy by designating the beneficiaries of your hard-earned assets.
Creating a legacy through a will or estate plan is a personal statement that something of yours, namely your faith and values, will endure after you. This action allows you to carry on a mission even after death, confirming that organizations that you care about can serve the next generations. Effective estate plans do more than minimize the taxes for beneficiaries, and a well thought out estate plan does so much more than delegate assets; it also shapes the future.
Before succumbing to the understandable inclination to leave all your money to your children, consider the wisdom expressed by Warren Buffet, a simple and excellent businessman and philanthropist; he said that he wanted to leave his children,
“enough so they could feel they could do anything, but not so much that they could do nothing.”
Buffet recognizes the possible negative consequences when someone suddenly acquires substantial, unearned wealth. You certainly want to know your children well so you can understand how they would manage your gifts; your discretion will ensure that they practice the same kind of prudential stewardship that has guided you in your vocation.
Several different ways of giving responsibly and lovingly exist, depending on the needs and strengths of your children. For example, trusts range from most transactional to most relational. More transactional trusts, like the Bare Trust, demand very little relationship. A Bare Trust can be given and received well; however, it can be damaging if the trustees do not know how to use their money well, and they end up doing nothing more in life. The Accumulation Trust or the Interest in Possession Trust can foster a more relational way, helping the trustees to learn responsibility. In addition, a Dynastic Trust and an Incentive Trust provide more guardrails in life for the children who are less responsible.
Whether you have children or not, one very practical way to expand your idea of planned giving is a more familial method. Your beneficiaries do not need to be just blood relatives. Let us say that you have three children. Most likely, you would desire to allocate assets to each of them. However, you might also desire to donate to an organization that you have supported or would want to support that aligns with your values. You can think of this favorite organization as a fourth child and plan your legacy gift to this organization as well. This way of thinking is particularly helpful for people who have no children or immediate family. This kind of familial philanthropy is like adopting a child and can bring joy to the giver while also providing hope for the future.
You might be interested in the findings recounted in the book, Next Gen Donors: Respecting Legacy, Revolutionizing Philanthropy. The book reports on research that found that the next generation of major benefactors describe their philanthropy as:
Driven by Values, Not Valuables;
Impact First (over recognition);
Time, Talent, Treasure, and Ties (more relational);
Crafting Their Philanthropic Identities (through personal, authentic experiences).
The points from this book can help you think more practically about the enduring legacy and impact that you can leave behind. To be committed to your values over your valuables, you could write down what values you uphold; identifying these values will help you to know where to invest time, treasure, and talent. Then, to focus on impact over recognition, you need to clarify your intentions and define the impact you desire when deciding to whom you will entrust your assets. When considering relationships and engagement, you need to think less in a transactional mode and more in a relational (familial) sense and view your giving as actually a privilege to be able to give back to society. Finally, rather than waiting for the fourth quarter of your life to decide who you are as a philanthropist and what legacies you want to leave, you can decide now about your annual giving and your legacy giving.
This process of being intentional with the assets with which you have been entrusted will inspire a deeper perspective on life and pose important questions: do you recognize that you cannot take anything with you when you die, but you can leave behind a wealth that can serve others and live on? Is your heart in the right place as you think about the assets you have been entrusted with? Are you grateful for all you have been given, and do you want to give back with the same selfless generosity? Consider the words of Jesus from the Gospel of Matthew:
"Where your treasure is, there also will your heart be."
May you be able to put your treasure where your heart is, holding the values that you stand for to continue a legacy beyond your time on this earth.
Saint Francis of Assisi insists on this idea:
“Men lose all the material things they leave behind them in this world, but they carry with them the reward of their charity and the alms they give.”
May you embrace the positive relationship between the two words as you arrange your enduring legacy.
AUTHOR:
David Hickson is currently serving as the Director of Philanthropy for FOCUS in Europe. He has a Bachelor of Arts in Spanish and French languages and an MBA with concentration on Catholic Philanthropy. Prior to joining FOCUS, he had a varied background, including military, photographer, coach, and teacher. After having experienced a deeper conversion in his faith journey, he joined FOCUS as a Catholic missionary to university students. Since joining FOCUS over a decade ago, he served as a campus missionary, team director, and director in international relations for short-term mission trips. He has been entrusted with building out the network of partners and benefactors for FOCUS across Europe. Though David’s passion has been developing the culture of philanthropy for FOCUS in Europe over the last four years, his true passion is sharing the adventures of life and faith with his wife and their four children where they live in Germany.
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