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 bequest – 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.
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
- Specific cash amount – A specific amount
- Alternatives – A provision can be left in a Will dictating that if any specific bequest cannot be carried out (eg. If the beneficiary has passed on) then that asset can be passed on to a nominated organisation
- Living bequest – A living bequest is lump sum of money that is 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 advantages 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 you preferred non-for-profit organisation
Assisting you with your planning
Decisions regarding estate planning are important 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, make sure your named Executor knows where it is and how to retrieve it.
Should you have any questions, please contact Eva Simo, TTHA’s CEO on email@example.com or call 8720 1333.