Leave a gift in Will
December 29, 2021
Studies have shown that Australians don’t know much about leaving a gift to a charity in their Will. This is why so many of us search questions like, “What is a gift in Will?” and, “Is it possible to leave a gift in Will to charity?”. Even those of us who know that the concept exists don’t always understand why it’s so important or how to go about it. Read on to discover why you should consider including a gift in your Will today!
What is a gift in Will?
Before telling you what a gift in Will can achieve, it is important that you understand what is a gift in Will. Put simply, it is an asset or monetary gift which your Will bequeaths to another in the event of your death. That’s why it can sometimes be referred to as a “bequest”.
Three good reasons to include a charity in your Will
While there are many reasons you might consider leaving a charitable gift in your Will, these three have to be at the top of the list.
1. Your generosity lives on
According to research conducted by QUT and Swinburne University of Technology, more than 80 per cent of Australians donate money in their lifetime. However, just over seven per cent leave money in their Will to charities. This percentage has remained unchanged for 10 years. Including a charity in your Will is an excellent way to ensure that the generosity you demonstrated during your lifetime can live on. And that brings us to point number two.
2. It speaks volumes about what you value
Leaving a gift in your Will is a wonderful way to show others, like your loved ones, what you value and consider important. Of course, you’ll wish to take care of your family first. But when you also include a Christian charity like CBM in your Will, it reflects your lifetime values of inclusion and justice for all. It’s also a wonderful testament to your loved ones and a decision that will continue to encourage them long into the future.
3. It’s an important funding source for charities
In any one year, gifts in Wills from CBM’s committed supporters provide the equivalent of 112,000 cataract surgeries. Without their compassion, many of the poorest of the poor would miss out. So, in the end, leaving a gift in your Will to a charity like CBM simply means that you are playing your own part towards ensuring that their good can continue for generations to come.
Making a Will is a simple and usually inexpensive process. In Australia, there are three ways that are worth considering if you’d like to include a charity like CBM in your Will.
What is left in your estate is gifted to a charity like CBM after all estate debts and expenses are settled and specific gifts are made. This is the simplest and most effective way to support a charity like CBM and guarantee your family and loved ones are looked after – first and foremost.
This is where you nominate a percentage of your estate to leave to a charity like CBM. The benefit to this gift is that it gives longevity to your Will in that your gift is not subject to inflation or changes in the value of your estate.
This can include the gift of property (such as real estate) or a specific dollar amount. However, the value of a specific gift like this can be subject to inflation over time. You can also make a charity like CBM the beneficiary of your life insurance policy.
Find out more
A gift in your Will is one of the most enduring gifts you can leave behind. It means your generosity lives on in future generations. If you’d like to know more about the work of CBM and how to support it with a Gift in Will, order your obligation free information pack today
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