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Your legacy journey

Guiding you through your giving journey

You’ve decided to create a Legacy and give some money to good causes that make a difference in the world, but how should you set about it? How can you ensure that your money really does make a difference? Bluecoat Wealth Management can guide you on this journey.

Here are four key stages to your Legacy Journey;

1. Develop your giving strategy.

Which areas are of interest, medical research, education, poverty, third world, environmental, road safety?

Having decided on which area you want to support, you then need to research which Charities will use the money most effectively so that you understand the impact of your Legacy.

Be clear about what it is that you want to achieve – set objectives.

Put in place the necessary infrastructure, perhaps a Charity or Trust account.

Put in place a structure to evaluate the effectiveness of your giving.

Think about how to involve your family.

2. Decide on funding and investment.

How much do you want to commit? Will this come from income, cash, assets or investments?

Consider the tax implications.

When do you want to give the money – during your lifetime or after you pass away? Over what period will your legacy be distributed – this will dictate whether cash or other investments are suitable.

What should the asset allocation be and how often will you rebalance it?

3. Run your Legacy Programme.

You may wish to do this yourself (during your lifetime), delegate it if you want to remain anonymous, or arrange for the programme to be run after your death. It’s essential to consider the individuals, or organisation involved, and to make contingency plans.

Are there any specific projects that you want to fund or become involved with? In which case make a restricted donation.

Identify who you will liaise with at the Charity and feedback mechanisms. Be clear about your expectations.

4. Evaluate and Maximise the Impact of your Legacy Programme

This is the part that is most often forgotten!

Use your evaluation structure and refine it. Review quantitative and qualitative data, outcomes and impact. Have there been any unexpected benefits?

Are there different, more innovative, ways to achieve your goals and maximise impact? Could you work with others to maximise this?

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