Leaving a Legacy of Giving: Charitable Donations in Your Will in Sydney, NSW
LEAVING A LEGACY OF GIVING: CHARITABLE DONATIONS IN YOUR WILL IN SYDNEY, NSW
Have you considered leaving a gift to charity in your will? It can be an incredibly meaningful way to give back and make a lasting impact even after you're gone. This guide from Funera.Sydney walks through how to include charitable bequests as part of your estate planning.
Have you considered leaving a gift to charity in your will? It can be an incredibly meaningful way to give back and make a lasting impact even after you're gone. This guide from Funera.Sydney walks through how to include charitable bequests as part of your estate planning.
WHAT IS A BEQUEST?
A bequest is an item you specify in your will to give to a chosen beneficiary after your passing. There are two main types:
A bequest is an item you specify in your will to give to a chosen beneficiary after your passing. There are two main types:
- SPECIFIC BEQUESTS: These are gifts of precisely designated items such as money, property, or stocks, which can be allocated to a person, a group, or even a charitable organization. For instance, you might specify: *"I bequeath $5,000 to Cancer Council NSW for general purposes."*
- GENERAL BEQUESTS: General bequests involve the gifting of an entire collection of assets, such as a book or wine collection. For example: *"I bequeath my entire rare coin collection to my grandson John."*
NAMING A CHARITY IN YOUR WILL IN SYDNEY
Including a charitable bequest in your will allows you to make a lasting contribution without affecting your current financial situation. Here are some key steps to consider:
Including a charitable bequest in your will allows you to make a lasting contribution without affecting your current financial situation. Here are some key steps to consider:
- Choose Your Charity: Decide which charity will be the recipient of your generous gift.
- Determine the Details: Specify the amount and type of bequest you wish to make.
- Clearly State the Gift: Articulate your charitable bequest in your will, and be sure to inform your chosen executor.
- Provide Accurate Charity Information: To prevent any confusion, ensure you provide the charity's precise legal name and Australian Business Number (ABN).
- Plan for Contingencies: In case your chosen charity closes or undergoes changes, consider adding a clause directing your gift to a similar charity.
CREATING YOUR LEGACY
While complex estate plans need professional support, with the right information you can ensure your charitable wishes are honored for years to come. The team at Funera.Sydney can provide guidance on estate planning and crafting a meaningful memorial that reflects the causes closest to your heart. We're here to listen and help you create an affordable, personalized funeral service as well as establish your philanthropic legacy.
While complex estate plans need professional support, with the right information you can ensure your charitable wishes are honored for years to come. The team at Funera.Sydney can provide guidance on estate planning and crafting a meaningful memorial that reflects the causes closest to your heart. We're here to listen and help you create an affordable, personalized funeral service as well as establish your philanthropic legacy.