Over the next few decades the largest intergenerational transfer in wealth is expected to occur. With this in mind, families may be thinking about embedding charitable giving into their financial legacy. In this blog post our Head of Development and Philanthropy, Laura Cameron Long, explains why setting up a named family fund with Devon Community Foundation may be the most effective way for you and your loved ones to create lasting change in Devon.
We are privileged to manage several family funds here at Devon Community Foundation, and it really is a delight to work with different generations to support their giving, aligning family interests with community need. When families come together to give, it becomes a shared expression of values and an opportunity to create a lasting legacy in Devon that extends beyond just financial support. Family philanthropy isn’t just about giving, it’s about growing – together.
Family philanthropy encourages open conversations about what matters most. It helps younger generations understand the value of money as a force for good. It helps to crystallise what’s important across the generations, and shapes future giving. It’s warming to be a part of these conversations and support the direction of this giving with the insights and knowledge that we’ve developed over the years, creating and refining a fund that addresses causes which will resonate across generations.
The time is ripe to begin talking about giving as a family. You may have heard that we are amid the largest transfer of wealth in history, with an estimated £5.5trillion expected to pass from older to younger generations in the next 30 years. This presents an extraordinary opportunity for families to embed charitable giving into their financial legacy. It’s a chance to model generosity, foster stewardship, and build a shared vision for the world you want to leave behind – for your children, and communities within Devon.
If you’re keen to give as a family, you might be considering setting up your own grantmaking charity. It’s a generous instinct, but running a charity comes with a surprising amount of admin, regulation, and ongoing responsibility. This is why it might be worth considering setting up a named family fund with us. We offer all the benefits of structured giving, without the administrative burden of running an independent charity. From managing legal and financial responsibilities, to carrying out due diligence and grantmaking, to monitoring and evaluation, we take care of the day-to-day so you can focus on what matters most to you: making a difference in our beautiful county.
With a wealth of experience gained from nearly 30 years of grantmaking, we have a deep understanding of Devon’s needs – from isolation and supporting mental health, to rural poverty and helping young people thrive. We provide this insight and knowledge to help guide what you wish to support, aiding your to be targeted, strategic, and informed by real local knowledge. This is another benefit of setting up a fund with us!
As an example, one of our family funds was set up as an endowment fund with us in 2018. It’s grown since then and has helped to support a variety of causes in Mid Devon in that time. It’s been a pleasure to get to know the family over the years, and grow our understanding of the issues that they care deeply about.
Our family fund holders support a vast array of organisations each year, addressing a variety of issues within our county – providing grants that really make a difference to small, grassroots organisations that are at the heart of their communities. You can read more about some of these groups on our Stories page.
If you’d like to discuss setting up a family fund in more detail, please get in touch with me (01884 986686 / lcameronlong@devoncf.com). I’m always up for a chat!
