I was as shocked as anyone at the death of Prince, and deeply saddened at the news that he may have died without a will. The fact that his estate will now become part of the public record – and that any potential fight over it will be national news – is causing many people, not just in the nonprofit world, to have conversations about estate planning and protecting the assets they’ve built over the years.
What lessons can you take away from this?
PRINCE WAS 57 WHEN HE DIED.
He wasn’t a “senior” and he was still actively working and creating. His death, and the news that he didn’t have a will, may be a great reminder to your donors that there are no guarantees. Now may be a really good time to host an informational workshop on wills and trusts. If you do, cast the invitation net a little wider to people in their 50s or younger.
PRINCE WAS A PROLIFIC ARTIST WHO TOOK COMMAND OF HIS BRAND, HIS CREATIVE PROPERTY AND HIS BUSINESS.
As you look at your donor prospects, you might not see someone who looks (or sounds) like Prince, but I bet you know small business owners, second- or third-generation business owners, and others who have worked hard for years to create something. Chances are they’re already thinking about what would happen to that business at their passing, and if they aren’t, the news about Prince may get them ready to start the process.
And pretty much any donor, if they think about it, has created something… a family, a community, a life. Wouldn’t they want to honor those achievements – large and small – by taking the steps to make sure that their legacy benefits their family and the causes they believe in?
PRINCE WAS GENEROUS THROUGHOUT HIS LIFE, BUT WAS OFTEN LOW-KEY ABOUT IT.
We often say that the best predictor of future giving is current giving. And we stand by that, but feel compelled to add: You might not have a complete picture of a donor’s current giving. One of the best ways to solve that – ask!
Before you cringe and worry about an awkward invasion of privacy, consider some of these “Questions That Matter” from my colleague Bruce Berglund:
- When you consider supporting a charity, what are the most enduring qualities that matter to you?
- Who were the greatest influencers on you in developing your values and attitudes regarding serving and giving back?
The death of this beloved musical icon doesn’t need to be meaningless. If we let it open up new conversations and reflection for younger supporters, encourage action among board and staff (and maybe even in our own households), we may look back and see how, once again, Prince was an inspiration.
