It is important for everyone to have a valid will. As part of your estate planning you may consider recognising the impact charities have had on the lives of you and your family. It may be work that has directly influenced you or causes that you believe in and see as vital for future generations.
Here are some options:
- Residue or part of the residue of your estate (what remains after specific gifts have been made).
- Percentage of the residue or the estate.
- A specific lump sum.
- A specific asset such as property, shares or bonds.
The first two options are the most significant as they hold their value over time.
Below is an example of wording that can be discussed with your solicitor, added to a new will or if you have an existing will, can be added by a codicil:
“I give and bequeath to the Charlie Teo Foundation ABN 60 720 974 820, the residue / a percentage / a specific sum / a piece of property / an item] of my estate to support brain cancer research, free of all duties and taxes including, if any CGT, and the receipt of the Chief Executive Officer, Secretary or other authorised officer will be a complete and sufficient discharge for the executors.”