Bequests

A bequest is a gift for the future.

WHY MAKE A WILL? 

Many people talk about making a will but never get around to it. Their assets will be distributed by the courts, in a manner that the courts see fit. It may not be distributed in the way that they had wished.

A Will is forward planning. Planning for the future. The way in which your assets are distributed on your death. How you can help your family, your friends, your community when you leave this world.

It is good sense to make a Will.

HOW SHOULD I DRAFT MY WILL?

  1. Firstly, you should think of your family, friends and charities you wish to assist or provide for.

  2. Secondly, list all your assets and liabilities

  3. Thirdly, look at how you wish to divide your assets amongst the beneficiaries.

  4. Fourthly, select an Executor to carry out your wishes, be it a friend or trustee company.

  5. Fifthly, visit a solicitor who can assist you in the drawing up of your Will, to ensure that it is a legal document, and that your wishes are carried out.

  6. Finally, keep your Will in a safe place. You may choose to leave it with your solicitor, Trustee Company, bank or Executor. Always keep a copy at home. Don't forget to review your Will on a regular basis. At least every 5 years or a change in your personal affairs.

A GIFT IN YOUR WILL FOR A LIONS FOUNDATION

There are several kinds of bequests, and the best one will depend on your own situation.

  • A Specific Bequest

  • A Percentage Bequest

  • A Residual Bequest

  • A Life Interest Bequest

  • A Gift in Your Will for a Lions Foundation

A Specific Bequest

You can make a gift of a specific amount of money or specify works of art, property, jewellery, insurance policies, in fact anything of value as your bequest. Property must be fully described so that it is easily recognised.

If you sell any item mentioned in your Will, you will need to alter your will to reflect the change, otherwise the recipient may receive nothing.

A Percentage Bequest

You may wish to share your estate amongst a number of people or Charities without specifying actual amounts. This avoids the problems caused by inflation sale of and change of assets.

A Residual Bequest

After leaving specific amounts to family and close friends, you may choose to leave the residue or balance to a Charity such as the Lions NSW-ACT Save Sight Foundation Charitable Trust or Lions Clubs NSW-ACT Public Health Care Foundation.

A Life Interest Bequest

You can leave a property or perhaps the interest on a capital sum for the use of a loved one during their lifetime.

Afterwards, the property or capital can pass to another beneficiary you nominate in your Will.

WHAT WORDS SHOULD I USE FOR A BEQUEST?

The following wording is a guide for leaving a Bequest to the Lions NSW-ACT Save Sight Foundation Charitable Trust or Lions Clubs NSW-ACT Public Health Care Foundation.

I............(name)............. devise and bequeath to the Lions NSW-ACT Save Sight Foundation Charitable Trust and/or the Lions Clubs NSW-ACT Public Health Care Foundation, (or its/their legal successor) or in the case of the named organisations ceasing to exist, such Lions organisation that fulfils the objects that I intend to benefit, free of all duties and taxes,

_______% of my estate ............................_______% of the residue of my estate......

the sum of $............................................... the proceeds of my Life Insurance Policy number ...................with ...........................................Ltd

my units/shares in ...............Trust/Ltd ..... my real estate at ....(address) having title reference ..................................................

all real estate owned by me......................

The receipt of the treasurer, secretary or public officer for the time being of the beneficiary named in or selected by my executors under the above shall be an absolute discharge to my executor.