LEAVING MONEY FOR A CHARITY IN YOUR WILL: HERE’S HOW

You might be considering who you want to leave your estate (your property and assets) to if you're getting organized with estate planning and writing a Will. If you have kids, you'll probably leave them something. 

When drafting your will, you might also take into account gifts for your sibling or sister, parents, or another close relative or friend. But have you considered creating a charitable legacy by making a gift or donation to a charity?
 
In order to make sure your wishes to leave a bequest from your estate to your preferred charity are carried out, this article discusses what to include when making a Will.
 
WHAT IS A BEQUEST IN A LAST WILL AND TESTAMENT

A bequest is something you possess and want to leave to a designated beneficiary in your will after you pass away. Most people create a Will as part of the estate planning process, which may contain both specific and general bequests.
 
A specific bequest is a gift that you will designate specifically. For instance, when you specify a car, a certain dollar amount or percentage of your bank account. The gift could be left to a particular person, team, or organization.

In contrast, a general bequest occurs when all of the assets in a collection are given away in accordance with your last will and testament. For instance, all of your furniture, all of your records, your entire house and everything in it, or all of your wine.

HOW DO I BEQUEST MONEY TO CHARITY IN MY WILL?

You could want to give all or a portion of your estate to a specific charity if you are writing a will. You have the chance to leave a lasting gift to a cause without having it have an impact on your financial condition while you're still alive by include a bequest to a charity in your will. Bequests to charities can range from relatively small donations to the largest gifts a person has ever made.

Money, property, stocks, and/or shares can all be given to the charity you've designated.
 
Here's how to incorporate it into your Will:

1.Select the charity that will receive your request.

2.Choose the type of request you'll leave to the charity of your choice.

3.Choose whether to give something in kind, money, or both.

4.While drafting your will, include a note indicating the bequest and inform your executor or next of kin.
 
WHAT TO WRITE IN MY WILL?

It is crucial to explicitly and carefully name your favorite charity when making a gift so as to prevent any misunderstandings or conflicts. Call the charity's bequests officer before you begin writing your will to be sure you have their full and exact name. Make sure you have the correct charity's name, address, and ABN information. Speaking with them in person also offers them the time to explain how they plan to use your donation because charities want to have the chance to thank contributors when they can.

You must designate the charitable bequest as a Specific Bequest in your Will. For instance, if you want to leave a specific bequest to Cancer Council Victoria for $10,000, you might write:

I donate $30,000 to the Cancer Council Victoria (ABN 61 426 486 715) for use in its general operations.

It's crucial to remember that charities may undergo name changes, mergers, or even total extinction. You should also include the following clause after your charitable gift to avoid this:

If the gift cannot be implemented, I ask that it be paid to the Australian charity that my executor believes comes the closest to accomplishing the goals I intended to achieve.
 
HOW DO I LEAVE MY ESTATE TO A CHARITY WHEN WRITING A WILL?
 
Instead of specifying a particular monetary amount, you can choose to select a percentage of your residual estate or the total value of your estate.

Make sure you have been in touch with the charity's Bequests Officer to get the right information to include in your Will if you decide to give your entire fortune to a designated charity.

Once you have those details, the general approach is to write:

I give to <charity name> the whole (or x %) of my residuary estate, not otherwise disposed of.
 
Final thoughts

We sincerely hope that this information on how to remember a charity when drafting a will aids in your estate planning.

Please be aware that although this book will explain what is necessary to draft your own legal Will without hiring a solicitor, the person who drafts the Will will still need to have some knowledge of estate planning, financial planning, or asset ownership. You should seek professional advice if your situation is more complicated.