When we help others, a common benefit is that we feel good for doing it. That is why philanthropy and charity are a meaningful way to make a difference, leave a lasting impact, and create a legacy of care.
1. Enhances personal fulfilment and sense of purpose, providing a meaningful way to give back to society
Volunteering provides a meaningful way to give back to society while also providing a sense of purpose. This can be especially fulfilling for those looking to make a difference in their community while putting kindness and service ahead of recognition and gain. A large number of organisations offer ways to get involved, so there are plenty of avenues through which a person can feel connected to the world around them and proud of the contributions they made, as they approach the end of their lives.
2. Can help to build a positive reputation and leave a lasting impact on the community
It is not only practical, but responsible to make end of life plans. It highlights an individual’s generous spirit and gives peace of mind that any assets they’ve acquired during their lifetime will be managed as they envisioned. Having end of life plans demonstrates that you cared when it was still possible to show it and allows those left behind to see your legacy continue even after you’re gone, through charity work or memorial activities.
3. Encourages family members and loved ones to work together towards a common cause, promoting unity and communication
Not only does it demonstrate that meaningful and long-lasting bonds can exist, but it also provides an opportunity to communicate openly and honestly with those closest to you. Bringing family members together in planning and understanding is key in order to provide comfort to all involved. In doing so, being explicit about everyone’s roles and expectations helps to eliminate confusion and uncertainty. Ultimately, encouraging your family and loved ones to work towards a common cause (like a charitable or philanthropic contribution in your will) is a powerful way to create stronger bonds between them and cultivate a spirit of understanding and support for one another.
4. Can result in tax benefits and deductions, which can help to maximise the impact of charitable giving
By including philanthropy and charity in your legacy planning, you can not only leave a lasting impact on the causes you care about but also maximize the tax benefits and deductions associated with charitable giving. Charitable legacy planning allows for tax relief and is a powerful way to create a positive impression on the world around you, while also helping future generations engage with their communities in meaningful ways. In some cases, incorporating philanthropy and charity into your estate planning may even enable you to create greater benefits for your loved ones by offsetting some of your estate against legacy giving.
5. Allows individuals to align their values and passions with their giving, making a difference in areas that matter most to them
We all have causes that are important to us. Whether it’s leaving a legacy in education, healthcare, environmental protection, or something closer to home, aligning your financial decisions with the causes you’ve dedicated your life to can make an incredible difference. With legacy planning, you get to decide how and where your impact is felt long after you’re gone. It’s a tangible way to create a legacy of care that resonates in the hearts and minds of those who benefit from it. As rewarding as it’ll be to leave a lasting legacy with your giving, just imagine how much better our world could be if others saw your example and then followed in your footsteps. Continue your learning journey, click here to read more on Estate Planning, or join our Community page and share your experiences here.