Many people, particularly those who have supported charities or not-for-profit companies during their lifetime, choose to leave bequests of varying forms and sizes to one of their preferred organisations.
After providing for your family, you can make a difference to others by leaving a legacy – a lasting and meaningful gift for future generations. From a TTHA perspective, bequests are an important part of our fundraising efforts that allow us to continue vital work to maintain our facility and continue projects.
Although leaving a bequest to a nominated organisation may sound complicated, it is not. Anyone can organise to include a bequest in their Will that may be in one of the following forms:
– Residue: after family and friends have been provided for
– Percentage: a percentage of the estate
– Asset: a specific asset, such as real estate or jewellery
– Exact cash amount: a specific amount
– Alternatives: a provision can be left in a Will stating that if any specific bequest cannot be carried out (e.g. If the beneficiary has passed on), then that asset can be passed on to a nominated organisation.
– Living bequest: a living bequest is a lump sum of money invested while the testator is still alive to generate income; the distributions then go to the nominated organisation. A living bequest can have a tax advantage for an estate.
– Conditional: in this particular circumstance, the estate, or a portion of it, would be retained by a family member for the duration of their lifetime, after which it could pass to your preferred non-for-profit organisation.
Assisting you with your planning
Decisions regarding estate planning are essential and very personal. People who need to discuss making a bequest at length should contact their preferred solicitor or legal advisor to discuss making a bequest at length before doing so.
The importance of making a Will
Often during our lifetime, with family changes that come about, our Will is revised several times. Always arrange for your Will to be kept in a safe place. If you decide to keep it amongst your belongings, ensure your named Executor knows where and how to retrieve it.