A growing number of Australian’s are leaving a gift to charity in their Will. A gift in Will, also known as a bequest, is the donation you make when you include a portion of your estate, to a charity in your Will.
Living Waters Down Under is the trading name for Evangelism Down Under Ltd., which is a nonprofit, tax exempt, registered Australian Charity. In the following details, we will use our registered legal name.
What can I donate to a charity in my Will?
There are many different assets that you can leave as a gift in your Will including:
- Cash, stock and bonds.
- Real estate properties and land.
- Personal property, like a car, jewellery or artwork.
- Non-probate asset, like your life insurance policy or superannuation account.
When is a good time to leave a gift in Will?
It is never too early to start thinking about leaving a gift in your Will. It’s important to think about how to safeguard your assets and plan so that your final wishes will be fulfilled when you pass away.
What are the steps involved in leaving a gift to charity in my Will?
Including a gift in your Will is simple. The steps of leaving a gift in your Will include:
Step 1: Contact the charity you would like to leave a gift in Will to discuss any questions you may have about leaving a gift in your will.
Step 2: Call your solicitor and make an appointment to create or update your Will to include a bequest.
Step 3: Based on the call with your solicitor, update the wording of your Will. Please see Living Waters Down Under Will wording below as an example:
“I give to Evangelism Down Under Ltd. (ACN 635 584 904) of Unit 805, 220 Collins Street, Melbourne for the purposes of advancing Christianity, free from all taxes and duties, (here please specify your gift, eg. the sum of $X). I direct that the receipt of any director or other proper officer for the time being of that Foundation will be a sufficient discharge to my Trustees”
Step 4: Tell your loved ones what you have outlined in your Will. It’s important they are aware of your wishes. If you decide to include a bequest to Evangelism Down Under, let us know, we’d love to connect over your generous donation, and find out if there’s anything we can do to support you.
We have listed the details above due to requests from our supporters. While we do rely on the generosity of our supporters, we would encourage you to give to your relatives, loved ones, and local church first.
More details from National Seniors Australia.