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Bequests – the gift that keeps on giving
How to use this information
This information has been produced by the Royal Society for the Prevention of Cruelty to Animals Tasmania (RSPCA Tasmania) to help in the preparation of your Will. A Will is probably the most important single document you will ever sign. It helps ensure that your loved ones are cared for after you pass away.
We hope this information assists you in the preparation of your Will and provides you with the detail you need to ensure that your wishes for your estate and any bequest to RSPCA Tasmania are fully met. You should contact your solicitor or similarly qualifi ed person to draw up your Will or to make the necessary changes to your existing Will.
What you need to know about your will
Your will is a legal document which sets out how you would like your assets shared amongst those you care about after your death (for example property, car, jewellery, shares, life insurance and superannuation). This collection of assets is also known as your estate.
People often chose to leave assets to family, friends and worthy causes and a Will ensures that the distribution of your estate is in accordance with your wishes. A bequest is a clause within a Will relating to a particular gift or share of your estate. An executor is the person who becomes responsible for overseeing your estate. This can be a relative, friend or a professional person (such as your lawyer), but it should be someone you trust and who is content to take on such a task. A trust is an alternative way of administering your estate.
Making a Will in five easy steps
- Make a list of family members, friends and organisations who you would want to benefi t from the distribution of your estate.
- Gather all relevant information on your assets.
- Decide who you want to receive which assets.
- Nominate who you wish to act as executor(s) of your estate.
- Ask a solicitor or trustee company to write up or amend your Will in the correct and legally enforceable way.
Lives Change
You should review your Will whenever your life situation changes. This may include Marriage, Separation or divorce, the birth of a child, entering a de facto relationship, the death of a beneficiary or executor, when amendments are made to the law (for example tax or superannuation), after the sale or purchase of a substantial asset, when children or grandchildren turn 18.
Every three years or so, re-read your Will to make sure it reflects your current wishes.
Don´t forget the animals
To retain its independence and to enable advocacy on animal welfare issues, RSPCA Tasmania has always been a non-government organisation, run by its members and supported by donations from the community. All services provided by RSPCA Tasmania are funded by donations, bequests and fund-raising. By leaving a gift to RSPCA Tasmania your estate can directly help animals in many ways.
Suggested wording of bequests
A bequest can take a variety of forms. Deciding which you feel is the fairest method of dividing your estate will determine what format it takes. Some options include:
- A specific bequest which can involve anything of value (e.g. “I bequeath my … to …”). This could include a stated dollar amount, real estate, shares, life insurance policies, annuity or pension or other physical assets (jewellery, artwork, vehicle, furniture etc)
- A percentage bequest (e.g. “I bequeath 20% of my estate to…”) will refl ect a change in value through inflation or interest, but does not affect the priority or importance of your bequest.
- A residue bequest involves the remainder of an estate after friends and family have been provided for through specific gifts (e.g. “I leave the residue of my estate to…”).
- An alternative bequest allows a person or organization to be nominated as an alternative if another named recipient is unable to accept a bequest. This might be particularly relevant if you have not updated your Will for some time and one of the named beneficiaries has passed away.
Whichever format you chose there is standard wording that should be included in your Will that ensures that RSPCA Tasmania are able to receive any bequest you make to us without confusion:
“ I give and bequeath to the Royal Society for the Prevention of Cruelty to Animals Tasmania, for the use and purposes of the said society, the sum of …. dollars (or percentage, or residue as appropriate), free of all death and estate duties and the receipt of the Treasurer of the said Society shall be suffi cient discharge
to my executors.”
Our guarantee to you
RSPCA Tasmania assures its donors and benefactors that:
- It is committed to the highest standards of professionalism in managing bequests
- It offers donors the utmost courtesy, respect and sensitivity
- All information concerning donors and bequests is kept confidential unless permission is given to release such information
- All bequests go to further RSPCA Tasmania´s work in animal welfare
Bequests received by RSPCA Tasmania are put to one of the following uses. You may choose to nominate which particular service benefits from your gift:
- Caring for and re-homing surrendered animals
- Caring for sick or injured animals
- Supporting the work of the Inspectorate
- Public education programs
If you have further questions, or would like more information about making a bequest to RSPCA Tasmania then please contact the Bequest Liaison Officer on 6332 8200 or write to:
RSPCA Tasmania
Legacies & Bequests
PO Box 463
Launceston TAS 7250