Charitable digital assets

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Such has the concentration been on the Millennial Generation that the focus has moved away significantly from the most compelling generation, particularly for businesses and charities: the Baby Boomers.

Not just Baby Boomers but, more specifically, Baby Boomer women. Born between 1946 and 1964 this affluent segment wields more spending clout than any other. Many have developed successful careers and made substantial investments during the boom years, and with inheritances from parents and/or husbands, they have become more financially empowered than any other generation of women.

Whilst there might once have been a noticeable digital divide between Millennials and Boomers, that is definitely no longer the case today. Baby Boomers don’t spend vast amounts of time glued to their smartphones or tablets, but they do engage in online communications on a very regular basis. They also download music and films and watch videos online, they use their smartphones as cameras, they purchase goods and services online and they actively search for health information – now the third most popular online activity for all internet users 18 and older.

Yet when it comes to addressing the issue of digital asset protection, the focus, again, has been on the younger generations. Part of the reason for this is the number of children and teenagers who have died leaving their parents with the heartache of trying to access their online accounts.

Baby Boomers too have a digital legacy that is worth protecting. Since Baby Boomers contribute more than 40 percent of all giving, for charities, these digital legacies have the potential for being a source of considerable income. If we take Tim Cooke as an example of generously giving to charities and then extrapolate that out to what his digital assets are probably worth – you can just image how a charity would benefit if he bequeathed them even a fraction of these assets.

Bibic is an ideal example of a charity geared up to benefit from donated digital assets. This may be something few of us think of, yet the value of these untapped assets stretches into billions of pounds.  Now that is something worth considering!

bibic focuses on the value of digital legacy

Mark Flower, Corporate and Community Fundraiser, bibic

According to Mark Flower, Corporate and Community Fundraising Officer with national children’s charity bibic, charities have been relying on legacies since the word ‘charity’ was first thought of.  Up until now however, they have never been the beneficiaries of a digital legacy before.

The partnership which bibic and Planned Departure have recently struck up makes bibic the first UK national charity to benefit from digital legacies, a venture which is bound to attract many interested parties and no doubt boost the number of supporters the charity relies on.

bibic is a national UK charity that offers practical help to families caring for children with developmental difficulties that adversely affect their learning, communication and social skills. Some of the more common conditions bibic provides support for are Autism, Down’s syndrome, Aspergers, ADHD and Dyslexia. Since its inception in 1972 it has developed a solid team of therapists who assist hundreds of families every year.

Planned Departure approached the charity late last year as they felt digital legacies could indeed be a viable way forward for bibic to gain funding. As Anand Ramdeo points out ‘ with the value of individuals’ digital assets in the UK estimated to be more than £25 billion, bequeathing some or all of these assets to a charity makes perfect sense.’

You can learn more about this offering here.

Supporting a charity in your Will

Leaving a legacy through your will

Making a Will is one of the most important decisions you will ever make. Ensuring your family is provided for after you’re gone should be a priority for most of us.

But after taking care of family and friends, have you considered supporting your favourite

charity in your Will?

It’s a common myth that only the rich and famous leave money to charity when they die. This couldn’t be further from the truth. The reality is that without gifts left in Wills by people like you, many of the charities we know and support wouldn’t even exist.

While 74% of the UK population support charities, only 7% currently leave a legacy to them when making a Will.

Gifts in Wills are incredibly important to UK charities. Without this income they would have to cut services and many would simply not exist. Did you know that two out of three guide dogs and six out of ten lifeboat launches are paid for by gifts in Wills, as is over a third of Cancer Research UK’s life-saving work.

Gifts in Wills are the equivalent of almost 19 Comic Reliefs appeals each year, so if you choose to leave some money in your Will to a charity as well as your family, you could be making a huge difference to your favourite cause.

Reasons for leaving a legacy are varied. Many support a chosen charity by fundraising or donating during their lifetime, and wish to continue giving after they’ve gone. Some have a family member who has benefitted from the work of a particular charity, and others are simply inspired by a cause which shares their lifelong goals and values. Whatever the reason; by leaving money in your Will you are making a lasting contribution.

Diana Alcaraz, supporter and ambassador of the RNLI, was inspired to leave a gift in her Will to the charity because of their support for her late husband Paul:

“When I told the RNLI I had left them a gift they were immensely grateful. It has brought me closer to the charity and I have formed a strong, ongoing relationship with them.

I decided to leave a charitable legacy a long time ago and completed the process once I was sure the children had secure futures. When I told my children of my decision they happily accepted and supported my wishes and reasons. The process of leaving a charitable gift was also very easy. I simply added it when I made a new will”.

A donation can be as large or small as you like. However much you choose to leave, your gift will always have an impact. Leaving a gift in your Will is also a tax-efficient way to give.

It’s a little known fact that there is no inheritance tax payable on gifts to charities in Wills – this means you can rest assured that the whole gift will go towards the charity close to your heart.

If the 7% of the population leaving a legacy were to increase by 4%, we would generate an additional £1 billion for good causes in the UK every year – making a considerable difference that you could play a part in.

Find out more about how to leave a gift in your Will at Remember A Charity’s website.