Absolutely, your estate plan can be a powerful tool to further diversity, equity, and inclusion (DEI) causes that are important to you, allowing your values to live on even after you’re gone.
What are the different ways I can include DEI in my estate plan?
There are several avenues to integrate DEI into your estate planning. You can directly donate a percentage or fixed amount of your estate to organizations actively working on DEI initiatives. These could include nonprofits focused on racial justice, LGBTQ+ rights, gender equality, or supporting underrepresented communities in education and the arts. Alternatively, you can establish a charitable trust specifically dedicated to funding DEI projects, offering greater control over how your funds are distributed. According to the National Philanthropic Trust, charitable giving reached $597.09 billion in 2023, highlighting the significant impact that planned giving can have. You could also create scholarship funds targeted towards students from underrepresented backgrounds, or establish grant programs for organizations led by diverse individuals. Consider specifying in your will that any organization receiving funds must demonstrate a commitment to DEI principles in its own operations.
How do I ensure the organization aligns with my DEI values?
Due diligence is crucial when selecting organizations to support through your estate plan. It’s not enough to simply choose a well-known charity; you need to investigate its actual impact and commitment to DEI. Look beyond the organization’s mission statement and examine its leadership diversity, program accessibility, and measurable outcomes for underrepresented groups. Resources like GuideStar and Charity Navigator provide information on nonprofit financials and program effectiveness. I remember working with a client, Sarah, who passionately believed in supporting women in STEM. She wanted to fund a scholarship, but after researching various organizations, she discovered that some lacked truly inclusive hiring practices within their own teams. She ultimately chose a smaller organization with a proven track record of mentorship and support for women of color, ensuring her funds would genuinely advance her values. Furthermore, consider including specific language in your will outlining the criteria for DEI alignment, giving the trustee clear guidance on how to evaluate potential beneficiaries.
What happened when a client didn’t specify DEI criteria?
I once worked with a gentleman, Mr. Henderson, who left a sizable bequest to a community foundation with the intention of supporting arts education. However, he didn’t include any specific language about DEI in his will. After his passing, the foundation distributed funds to several local arts organizations, one of which had a long history of excluding artists from marginalized communities. His family was deeply disappointed to learn that their father’s generosity inadvertently supported an institution that didn’t reflect his values. It was a painful reminder that good intentions aren’t enough; clear and specific instructions are essential to ensure your estate plan aligns with your desired impact. Approximately 67% of donors say that organizations’ commitment to diversity, equity and inclusion influences their giving decisions, highlighting the growing importance of DEI in philanthropic giving.
How did specifying DEI criteria help another client achieve their goals?
Recently, I worked with a couple, the Ramirez family, who were deeply committed to supporting organizations that empower LGBTQ+ youth. They worked with me to create a charitable remainder trust, with the remainder going to a specific organization dedicated to providing safe spaces and resources for LGBTQ+ teens. We included detailed language in the trust document specifying that any organization receiving funds must demonstrate a commitment to inclusivity, cultural competency, and non-discrimination. Years later, the Ramirez family was thrilled to learn that their funds were helping to create a thriving community center, providing vital support and mentorship to countless young people. It was a powerful example of how careful planning and clear instructions can transform your values into lasting impact. As a quote from Maya Angelou states, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Your estate plan, when thoughtfully crafted, can make a lasting positive impact on the communities you care about.
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