Over $1.3b gifted by Kiwis

SEPTEMBER IS WILLS MONTH

Over $1.3 billion gifted by Kiwis in their Wills to support their communities

2 September 2024

With the cost-of-living crisis, the ongoing impacts of the global Covid pandemic and with increased natural disasters around the country in recent years, more New Zealanders are not only looking to support locally they are also leaving bequests in their wills to benefit their community.

Community Foundations of Aotearoa New Zealand Executive Director Arron Perriam says the organisation’s 18 members collectively have $260 million in invested funds received from bequests with an anticipated pipeline of many hundreds of bequests, adding up to an additional $1billion.

“Increasingly, Kiwis are of the view that the Government can’t, or likely won’t, solve all the challenges we face in this country; we all have felt this acutely in the wake of weather events, increased costs of living and the pandemic in recent years,” Arron says.

“The power of communities to build their own future resilience, and care for their people and environment, resides somewhat with the people themselves. What we’re seeing is a growing deep-rooted desire for Kiwis to leave their legacy locally, and that’s where the local community foundation provides the essential infrastructure to manage legacy gifts, to give back to communities for the long term.”

Chief Executive of Philanthropy New Zealand | Tōpūtanga Tuku Aroha o Aotearoa (PNZ) Rahul Watson Govindan agrees and says many New Zealanders have spent many years creating and building a community around them that they want to live in.

“Leaving a gift in your will is a powerful way for New Zealanders to ensure that the community that they’ve contributed to for so much of their lifetime continues to thrive, along with the people within it,” Rahul says.

“At Philanthropy New Zealand we are encouraged to see Kiwis increasingly investing in their local communities for the long-term. Community foundations work with local people to see through their aspirations for the community they live in and love, identifying local needs and helping locals to discover how they can play their part in community transformation.”

Giving story – home is where the heart is

Paul and Cathy Nicholson are among a growing number of New Zealanders leaving a gift in their will to benefit their local community. After decades living in the United State, the couple moved to Paul’s home town of Nelson and have now pledged a bequest to the Top of the South Community Foundation.

“Home is absolutely where the heart is and I always knew I wanted to return home to Nelson and thankfully Cathy, who is American, didn’t need too much convincing,” Paul says.

“The reality for us is that we worked hard throughout our respective careers and we’ve been very fortunate to build a modest estate. Now with the time and the resources, it’s about sharing those resources to support our community after we’re gone.”

Paul says pooling funds with others who also contribute to a community foundation is an opportunity address local issues and to help future proof a community that you love.

“As we contemplate the end of our lives, it’s a wonderful thing to think about our resources being used far into the future,” says Paul.

“For us it’s about transforming communities for good, we know the money we leave through the Top of the South Community Foundation will have a ripple effect.”

The concept of community foundations originated in the United States and throughout the last century they were set up across North America and Europe. Nikau Foundation in Wellington was the first community foundation established in New Zealand in 1991 followed by Acorn Foundation in Tauranga in 2003. A further 16 have since been established, most recently the Southland Foundation in May 2024. Read more about the growth of this network of place-based giving here.

September is Wills Month, learn more here.