Bequest While the thought of making a Will is unpleasant to many, it is one of the most important documents you can draw up. A valid Will ensures that your estate will be distributed according to your wishes. If you die without a Will (intestate), your estate will be distributed according to government legislation. You can derive immense satisfaction from planning your Will to:
* Make provision for family and friends
Ensure the appointment of a guardian should minor children survive you. Appoint an executor (who will carry out your wishes) – someone– you trust Remember ministry, such as your local church or Global Interaction, which have always been dear to your heart. Everybody over the age of 18 should have an estate plan (most of us are worth more than we realise!) yet about half of all Australians die without a valid Will.
Generally, making a Will is neither very expensive nor time consuming. It is, however, very important. Select someone to act as your executor. This person will be responsible for ensuring that your estate is distributed in accordance with your wishes set out in your Will. It is good to have an alternative executor, also, in case the first becomes unable or unwilling to act.
Gather all the relevant information and documents that establish your assets and liabilities. Decide upon those people and organisations that you wish to remember in your Will – names and addresses. (You may find the Will Planner enclosed in this booklet helpful; it is NOT a Will, merely an aid to planning.) You should then consult your solicitor in order to have your Will properly drawn up.
At any time, you can change your Will to reflect circumstances such as:
- Marriage or remarriage
- Birth or adoption of children or grandchildren
- Death of a beneficiary
If you change your mind about who will benefit your solicitor will help you to change your Will, as necessary, by codicil or amendment.
* Support a cause dear to your heart
If Global Interaction and global mission has been a passion in your lifetime why not include GIA in your will. There are many ways of including GIA in your Will. You can:
Nominate a percentage of your estate as your legacy to Global INteraction. (The principle of the tithe is important to Christians.)
- Leave the residue of your estate: what remains after other legacies have been distributed.
- Leave a specific amount of money to GIA.
- Take out a life insurance policy and nominate GIA as the sole beneficiary.
- Leave a specific item to GIA e.g. property, shares, jewellery, art works, stamp collection etc.
- Make a bequest to take effect on the death of your spouse (the other beneficiary) who has the benefit of your estate during their lifetime.
- Leave your legacy by means of a perpetual trust. Your solicitor can advise you how to do this.
- Leave any deposit you might have in the Global Interaction Lend and Send fund as a legacy through your Will
For more information or to organise an appointment contact our Bequests Officer, Graham Edgar.
Forms of Bequest If you would like to include Global Interaction in your Will, the following examples may be helpful to you and/or your solicitor:
Unrestricted Gift: I give to Global Interaction Incorporated (formerly The Australian Baptist Missionary Society Incorporated), 597 Burwood Road, Hawthorn, Victoria, 3122, the sum of $.....................................or property or securities, describe) to be used in such manner as its Board determines. I declare that the receipt of the Treasurer or other proper officer for the time being of the said Association shall be sufficient discharge to my Executor for the said bequest.
Designated Gift: I give to Global Interaction Incorporated (formerly The Australian Baptist Missionary Society Incorporated), 597 Burwood Road, Hawthorn, Victoria, 3122, the sum of $.................................... (or property or securities, describe) for the specific purpose of............................................................... (describe where you want the gift to be used), but if such purpose cannot in the opinion of the Board of the Association be achieved, then to be used in such manner as its Board determines. I declare that the receipt of the Treasurer or other proper officer for the time being of the said Association shall be sufficient discharge to my Executor for the said bequest.
A residuary bequest provides for GIA to receive whatever is left of your estate after specific bequests have been fulfilled:
I give to Global Interaction Incorporated (formerly The Australian Baptist Missionary Society Incorporated), 597 Burwood Road, Hawthorn, Victoria, 3122, all the residual and remainder of my estate (after payment of funeral and testamentary expenses and any duties payable on the estate before the residue is determined), to be used in such manner as its Board determines. I declare that the receipt of the Treasurer or other proper officer for the time being of the said Association shall be sufficient discharge to my Executor for the said bequest.
Global Interaction is a tax exempt organisation under Subdivision 50-B of the Income Tax Assessment Act 1997.
For more information or to organise an appointment contact our Bequests Officer, Graham Edgar. |