Many Australians leave a gift to charity in their will.
Also known as a bequest, the gift is your donation when you include a portion of your estate to a not-for-profit organisation or charity. It could be a museum, a health, children’s or other charity, medical or research institute, animal welfare organisation – something you believe in.
Your bequest helps support the causes you care about beyond your lifetime and can be a powerful way of leaving a legacy.
The two main types of bequests are residuary and specified.
- Deciding to leave a bequest is a great way to acknowledge your favourite charity or organisation. It is also a way of being remembered as someone who provided funding for a cause or to effect change.
- A residuary bequest is the amount that remains after all other gifts and estate expenses have been satisfied.
- A specific bequest is a specified sum of money or asset.
- Before leaving a gift or bequest in your will, make sure your estate plans are in order.
- It is important to speak to the charity or organisation first if you are planning on making a bequest. Many can assist with the wording of a bequest or a solicitor can formulate wording for you.
- While many people already donate to causes in some form or another, it may not have occurred to you that a charitable legacy can continue beyond death.
