What is your legacy?
Let’s for an instance think about it – you are no longer part of this life, but are given the opportunity to reflect on your achievements. From humble beginnings to a successful business career that is professionally and financially fulfilling and you have been fortunate enough to experience. Imagine you have left behind a committed and loving family, but one important question remains – "What is my legacy?"
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It is an old saying that "charity begins at home", but the thought of simply making a financial contribution or bequest is no longer enough for most of today’s donors and philanthropists. So, what is it they are looking for?
The fact is that most modern day donors are looking for something that is long-term, sustainable and more importantly something they and their families can become emotionally and financially engaged with. They have a strong desire to contribute by way of proactive participation through the ‘donation’ of time, energy and their own acumen and skills. To put it simply, they want to be able to be involved at a practical level.
Well, how do you do it?
Having identified a worthy cause, which will more likely be something close to the donor’s heart, what most people do not realise is that in the United Kingdom it is possible to establish ones own registered charity which can be completely focussed on the cause they have identified. This presents a number of opportunities for engagement, not only for them personally but also for their family and, if in business, their workforce and management colleagues.
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By GlobalDataThis not only enables donors and philanthropists to "live their dream", but also allows them to create a sustainable legacy which goes far beyond the simple act of giving.
If a charity is created in a structured and well thought out way, it allows donors and their families to actively participate in a very tangible way. This can be measured through their involvement and ensure that funds are applied for the benefit of their cause in a targeted and controlled manner.
So, how does one go about it?
Touched by the plight of a close friend, associate or relative? Have you decided that you want to do something meaningful and tangible with either a philanthropic or charitable aim? Then why not consider the establishment of your own registered charity. This is not simply the domain of the super rich it is something anyone can do and can be focussed on local projects or causes relevant to the donor, but can also extend to include overseas causes.
As an alternative venture philanthropy is another area gaining traction within the charity-philanthropy space. Venture philanthropy sits neatly between the two conventions of simple financial donation and the process of proactive participation identified here.
You no longer have to accept the simple act of donation, it entirely possible for you to create something more personal to you as well as have a level of sustainability. So, why not create a legacy.
Jon Needham, global head of fiduciary services at Societe Generale Private Banking Hambros.
