Bequest Report asks - what will happen to your stuff when you’re gone?
In Hobart this month we co hosted an event with Philanthropy Australia and JBWere to present ‘The Bequest Report.
Over 100 attendees from the no-for-profit and legal sector came together to hear from Senior Research Consultant John McLeod about how the transfer of intergenerational wealth can change the not-for-profit sector.
Total inheritances in Australia are estimated to total around $150 billion in 2024, and $5.4 trillion over the next 20 years. Of the $150 billion gifted through inheritances this year, only $1.3 billion will be given to charity.
John McLeod said that we need to normalise talking about what kind of legacy we want to leave.
“The reality is that most of us probably sit down three times in our life for an hour with a solicitor to write our wills. Unless giving is on your mind during what some people find an uncomfortable conversation, or you’re prompted to talk about it, leaving a proportion to charitable causes is probably not going to happen,” he said.
“Financial and legal advisers could be more incentivised to engage clients in the conversation and that a national giving campaign would help change the cultural narrative to a broader audience.
“One of the discussions at dinner parties once we get past property and what school your children go to, should be ‘what are you going to do with what you’ve built up in your life after you die?’ Let’s normalise all of that.
“The younger generation are up for the discussion, so let’s start having it earlier and build it into our everyday conversations. We need to talk more about giving broadly, but this is a way to have those important big conversations with your family about life, death and what happens next.
“Families have built up a whole lot more than properties and their super. They’ve made connections with communities, they’ve got values, they want their children to have purpose in their lives – what better way to talk about that early on with the people you care most about.
“It’s a perfect way to not only express your values but pass them on to the next generation of your family. Wealth transfer is not just about assets.”
Included at the event was a panel discussion with St Vincent de Paul Society Tasmania CEO Heather Kent, Chief of Private Funding at World Vision Karen McComiskey and Director of Engagement (VIC/TAS) at Philanthropy Australia Wayne Green.
Based on the energy in the room during the question and answer session and networking after the event, The Bequest Report was well received by those who attended.
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