The dictionary defines a bequest as “money or other property left to a person by the Will of someone who has died”.
BY JACKIE O’NEILL

Specific bequests are gifts of particular articles of property, such as houses or land, shares, cars, furniture, jewellery, books, etc given to a particular person or organisation. (Real estate is generally devised to the family or benefactor.) Pecuniary bequests are sums of money; general bequests are usually percentages of the value of your estate given to persons or organisations; residual bequests are what is remaining of your estate after the specific and general bequests have been distributed. For example, you may leave residual bequests to your family, friends, or an organisation such as a registered charity. In your Will you can then nominate how this is to be divided. Assets may be left to a family trust. These could include private foundations or Trusts established by a family, administered by family members or by members of the original donor’s family (eg The Myer Foundation). Or perhaps you wish to donate to (or set up) a community trust or foundation. Community foundations aim to create an endowment by fundraising from a variety of sources (individuals, companies and groups) with a common interest in the welfare of a particular geographic area.
Community foundations provide grants for designated geographic areas, such as a town, region or state. Contributions come from a number of donors. An easy-to-explore website explaining the purpose and benefits of the Adelaide Bank Charitable Foundation is accessed through www. adelaidebank.com.au/charitable. You can also use the services of a trustee company.
Trustee companies were created in the late 19th century to offer total management of money and risk adverse investment. The use of trustee companies to manage charitable trusts and donations flowed naturally from the companies’ tax advice and Will-making services. I just love the following lines from Equity Trustee Limited web site: Power of Giving You have the strength to enrich the lives of others, forever. Your philanthropic vision can create a gift that lasts in perpetuity, a gift that grows into a significant and meaningful legacy … reach out and support those less fortunate. Your gift … an investment in the future of our community … an opportunity to those who can make a difference, in ground breaking research, saving the environment, or simply helping others help themselves. It’s your chance to help build a better world in the years to come.”
To ensure your wishes are adhered to, have a professionally drafted Will prepared or else your intentions may not be realised.
A single word in a Will can significantly alter its meaning. Problems may arise with a home-made Will if a named charity no longer exists. This can lead to unnecessary court action. It is terribly important to be both accurate and specific in expressing your desires.

Before approaching your legal adviser, consider the following:

• What to give
• How much to give
• Why you give
• Where to give
• Ways to give

Don’t leave the family short! Are there sufficient assets to provide for spouse, children and grandchildren? The Family Provision Act (NSW) specifies classes of people who can contest your Will if you have not made any or sufficient provision for them in your Will. If, say, a child is omitted from your Will, you should provide written advice to your legal counsel detailing your reasons for that omission. This can be stored in a sealed envelope and kept with the Will and will be helpful to your Executor if the Will is contested. Are there any other special needs to be taken into account? Naturally, you can only bequeath property that you own outright.

If you own property as “tenants in common” with another person/persons, then certainly you can pass your proportion along to your successors, however, where the property title is as “joint tenants” then ownership would automatically pass to the surviving owner/s on the death of the other. Neither death duties nor (inheritance) tax is paid on any bequest itemised in your Will. Donations by Australian Individuals to Non-profit Organisations by field in 1997 were:

Let me remind you again: to ease the burden on your Executor and to make sure your wishes are met, engage a solicitor or the Public Trustee to assist in writing that Will!
Persons interested in making bequests might consult the Australian Directory of Philanthropy 2004-2005 (12th edition) can be located at www. philanthropy.org.au/publications. With 360 trusts and foundations listed, surely everyone can locate a “suitable cause” to which to bestow a gift. The directory is a comprehensive reference on sources of non government funding in Australia. As it includes advice on how to prepare submissions, it is a great asset to grant seekers.

The directory comprises lists of organisations offering grants and details of trusts and foundations in Australia together with general information about, legal limitations, grant restrictions and application procedure. While registering in the Australian Directory of Philanthropy is voluntary and free, some trusts and foundations choose not to be listed there due to their inability to process the vast number of applications with which they could be inundated. Trivia 71% of the Australian population 15 years and over gave to non-profit organisations in 1997. In the year 2000, 4.4 million Australians volunteered a total of 704.1 million hours (excluding the Sydney Olympics) to non-profit organisations. Australians lost at gambling almost four times the sum that was donated to nonprofit organisations. And one Australian was known to leave an entire estate to the Taxation Department … was that a guilty conscience?

Research is the key to you deciding what, why, where, when and how you might make a bequest! You will find a wide-ranging list of non-profit making organisations on
www.auscharity. org.

Another good source of information when contemplating charitable donations is Givewell. Not only does their website highlight charities, projects, surveys and statistics, but they will conduct a comprehensive research service on charities for you. For some people, giving through their estate is the only time they will be able to give a significant gift to an organisation which has helped them throughout their lives. Very worthy ones featured in this edition are The Guide Dogs Association, The Fred Hollows Foundation, the NSW Breast Cancer institute, the Heart Foundation, Children’s Medical Research Institute and The Forsight Foundation.