What is a bequest?
December 29, 2021
Put simply, a bequest is just another term for a gift in Will. In Australia, the two terms are often used interchangeably.
The legal profession is full of confusing terminology and jargon. And the fact that there can be multiple terms for describing the one thing? Well, honestly, that isn’t much help for those of us who aren’t experts! But the good news is that you don’t need to be an expert in order to start thinking about your own Will today.
Whether you decide to seek help from your solicitor, or maybe order an online Will kit and do it yourself, this article should help you understand the basics about bequests or gifts in Wills.
What is a bequest or gift in Will?
A bequest or gift in Will legally transfers your personal property (for instance your house, car, heirlooms, or money) to someone else at the time of your death. It’s also important to know that there are various types of bequests or gifts in Will depending on how or what you’d like to gift.
Myths about bequests or gifts in Will
There are some common misconceptions that everyday Australians can have when it comes to this topic. Let’s debunk them.
Myth 1: Writing a Will is a hard and expensive process
The truth is that the complexity of your Will depends on things like the size of your estate and the number of Will beneficiaries. However, for the everyday Aussie, writing a Will can be a simple and inexpensive process. There are even free Will kits available online to step you through the process if you’d like to write your Will yourself!
Myth 2: Your decisions are locked in once you write your Will
Not true! You can change and update your Will whenever you deem it necessary! Your assets remain 100% yours while you are living, and you have full control of when and how to update your Will.
Myth 3: Writing a Will is not really a priority
While you may have plans to write a Will in the future, it’s not usually an urgent priority but the truth is it should be. While you may be in perfect health, the risk of dying without a Will far outweighs the effort it takes to make one. When you die without a Will, what follows can be a lengthy and expensive process for those you leave behind. Additionally, state or territory laws will dictate who inherits what from your estate. Meaning your family and loved ones may not be provided for in the way that you wish.
Myth 4: You need to be wealthy to leave a bequest or gift to a charity in your Will
This is a commonly held misunderstanding but it’s entirely possible to look after the needs of your family and leave a bequest or a gift in Will to charity, no matter the size of your estate. In Australia, there are three ways to leave a gift in Will or bequest to a charity like CBM. All you need to do is choose the one that best suits your situation!
Find out more
A bequest or 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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