Charitable Bequests: An Introduction

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Charitable Bequests: An Introduction

Unfortunately, when you pass away, you won't be able to take any of your money with you. While many people plan to leave money and property to their loved ones, very few people think about making a bequest to a charity. A bequest can take the form of a cash donation, an asset such as shares or property or a certain percentage of your estate. A 2016 report found that, in Australia, under 8 per cent of wills contain a charitable bequest. The article will explore different aspects of making a bequest to a program which helps children.

Live on through others

While the thought of your own demise may fill you with dread, knowing that you live on through the young lives which are transformed by your kindness can help you to deal with your existential angst. A major benefit of programs which assist and help children is that they produce tangible results which you can view before you make your decision to offer a bequest in your will, so you can be sure that your donation will make a real difference.

Decide how the bequest is used

When making a bequest, you are able to add stipulations as to how the asset or money is spent or invested. For example, if you are going to be giving the charity a portfolio of shares, you may decide that you would rather the charity collect the dividends over many years rather than selling the shares outright. If you are donating money, you may add a stipulation as to which types of interventions and projects it can be spent on. On the other hand, you may wish to allow the charity to decide how best to invest or spend your bequest.

Let your family know your plans

Finally, although you are no obligation to do so, it can be a good idea to let your family know about your plans to bequest money or assets to a charity. Doing this can help to prevent any unwanted surprises when a solicitor reads out your will. Speaking to your family members may also encourage them to consider if they wish to take similar action to support a local charity.

If you're interested in finding out more about making a bequest, you should make contact with a local children's charity for more info. A member of staff will be happy to offer you further assistance.

To learn more, contact a bequest program to help children.

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