Leaving a gift to charity
For a variety of reasons, we’re often not able to give as generously during our lives as we might like to. Leaving a gift in your will is a great way to support the vital work of charities we’ve always wanted to help but were unable to. Or perhaps you’ve supported a favourite charity all your life and would like to continue that support after you’ve gone.
If we’re lucky enough to be able to look back and say we’ve had a good life, it’s nice to know there’s a way to help those who haven’t been so fortunate.
Charities play a vital role in filling the gaps that governments and society have overlooked and they depend on our support to help lessen the effects this can have.
By leaving a percentage of our estate, a sum of money or other assets to a charity in our will you’ll be positively affecting the lives of many Australians, including your own children, families and friends.
Your gift, regardless of the size, will be gratefully received by your chosen charity. If you have any questions about leaving a gift, please contact your chosen charity to discuss it in further detail.
Different types of bequests
There are four main types of gifts you can leave in your will, including those you may leave to charity.
This is the remainder of your estate after first leaving gifts to your loved ones.
2. Percentage or fractional:
This is a gift expressed as a percentage or fraction of your estate. Dividing your estate by percentage or fractions gives longevity to your will because the gifts aren’t influenced by inflation or changes in the value or make-up of your estate.
3. Pecuniary or Specific:
This is a specified gift which can be money, property or stocks and shares.
4. Whole estate:
This comprises your entire estate and is usually left by those without family or other preferred beneficiaries, or those wanting to achieve something very significant with their gift.
Talk to your solicitor about the type of gift that will best suit you and your estate. Gifts left to charities in your will of property, stocks and shares, are exempt from capital gains tax.
Most common ways to leave a gift in your will
Pecuniary or Specific Bequest:
I leave to (CHARITY NAME) of (CHARITY ADDRESS) Charity Registration Number: (xxxxxxx) Charity ABN: (xxxxx) (description of item) absolutely for the general purposes of the said charity and I direct that the receipt of the Treasurer or other duly authorised officer shall be a sufficient discharge to my Executors.
I leave to (CHARITY NAME) of (CHARITY ADDRESS) Charity Registration Number: (xxxxxxx) Charity ABN: (xxxxx) (proportion of residue to be completed) for its general purposes and I direct that the receipt of the Treasurer or other duly authorised officer shall be a sufficient discharge to my Executors.