Realised Bodhicitta or Buddha nature of all beings is essential not only because it benefits yourself from recovered back to the inherent enlightened one. It can benefits others knowingly through dharma preaching or unknowingly. The degree of blessings & merit from chanting that benefits the dead or spirits depends on the degree of sincerity, and enormously broad when you truly realised Bodhicitta or inherent enlightenment. By sharing all your wealth to others would not make them truly wealthy, and it does not help them to pursue enlightenment or wisdom away from the dream state of cycle & rebirth to enjoy true wealth. Merit is not blessing but it includes blessing, blessing is not merit and does not includes merit. Blessings will lead one to different realms of cycle of rebirth depending on less or more, small or large. Merit is inherently like cosmos permeates omnisciently :))
When we perform recitations without seeking anything in return,we will gain great merits.
When chant with a giving mind, we arouse our compassion and develop our selflessness.
We strengthen our resolve in our aspiration of bodhicitta:-
Jhang chub sem ni rin po che, ma kye pa nam kye gyur chig,
May the precious enlightened mind, arise where it is not arisen
Kye pa nyam pa med pa dang, gong ne gong du phel war shog.
And may it be where it is arisen, never wane but constantly grow.
This is in itself a merit.