A 'Gift in Will' or bequest is a donation left to a charity or Not For Profit of your choice, as stated in your Will.
Gifts in Wills and bequests help to support the daily activities of the charities you love and enable them to continue to support the community.
What can you leave to a charity?
A Gift in Will can be a specific monetary amount, property, shares, or percentage of these assets. Some examples of Gifts in Wills include
- A monetary gift of a set amount (e.g. $10,000)
- A percentage of your share portfolio
- A piece of land or title
- A percentage of the residue of your estate
How can I leave a Gift in Will?
When writing your Will it is important to ensure your final wishes are recorded accurately.
Many charities will outline the specific wording required to ensure your gift reaches them safely and will generally include the organisation's business name and ABN.
If using an online platform such as Willed, this information is prefilled and requires you to select your charity from the Fundraising Institute of Australia's database and outline your bequest.
Do I need to let the charity know that I have included them in my Will?
There is no legal requirement to notify the charity that you have included them in your Will.
However, many charities appreciate the opportunity to acknowledge your kindness and generosity before your passing.
Leaving a Gift in Will or bequest is a simple and easy way to support charities around Australia to continue the meaningful work they do in our communities.
Disclaimer: The content of this blog is intended to provide a general guide to the subject matter. This blog should not be relied upon as legal, financial, accounting or tax advice