considering a bequest?
- find a solicitor
- adding words in your will
- other useful information
By nature, individuals rarely talk about the contents of their Will.
If they did, we would know much more about the great acts of philanthropy individuals from all walks of life make to shape the future of our communities.
Sadly a relatively large percentage of Australians don't have a Will in place to direct and distribute their estate on death.
Of those that do have a Will, an ever increasing number are recognising their ability to gift something back into the community upon their death.
You don't have to be wealthy to leave a gift to your Community Foundation. Leaving money, property or other assets to a Community Foundation, such as The Ballarat Foundation, provides for a safe, long term and well managed process with ongoing donor recognition for future generations.
Your instructions can be to gift a specific asset, a certain amount, a percentage or residue of the estate to The Ballarat Foundation.
The Ballarat Foundation offers you many advantages:
- Your bequest stays right here in your local community to support local needs.
- It is managed by locals who understand those local needs.
- Bequests are a permanent legacy, providing a benefit to your community forever.
- If named your bequest recognises the memory of the donor, not just at death, but immortalises the memory of the donor for generations to come.
- Capital value can be maintained and grown, with income distributed regularly.
- Your bequest can be for a specific field of interest, a specific not-for-profit, or simply for general community good.
- Your bequest can be set up to support a specific town or area within The Ballarat Foundation's region covering the shires of Ararat, Pyrenees , Hepburn, Moorabool, Golden Plains (western half) and the City of Ballarat.
- Only income is distributed for charitable purpose unless otherwise stated.
- Talk to your solicitor about establishing or updating your Will and including your next step
- Talk to your solicitor about establishing or updating your Will and including a bequest to The Ballarat Foundation. And/or
- Read more about your options and helpful hints on our website.
- Talk to The Ballarat Foundation, in confidence, to discover more about how
Talk to your solicitor about establishing or updating your Will and including a bequest to The Ballarat Foundation. And/or
Talk to The Ballarat Foundation, in confidence, to discover more about how we can assist you to support your local community into the future.
Where there is a Will…… There is a way!See testimonials
For more information contact the Foundation or simply ask your solicitor to provide for a bequest to The Ballarat Foundation in your will.
Also refer to the My Legacy website
We are happy to discuss this and other options with you, confidentially and totally obligation free.
If you are writing your own will or would like some wording to use then the following is suggested:
“I give, devise and bequeath to The Ballarat Foundation free from all duties, the following [please specify the nature of your gift*] for its general purposes [or alternatively for a specific Field of Interest** or for a specific agency***], and direct that the receipt of the Executive Officer for the time being will be a sufficient discharge for the executor(s).
*Whereby the nature of the gift means
And includes the amount ($) or as a percentage of the estate.
** Whereby Fields of Interest (Can be single or multiple Fields of Interest)means:
- purposes relating to Health and Wellbeing
- purposes relating to Education
- purposes relating to Arts and Humanities
- purposes relating to Sport and Recreation
- purposes relating to Conservation and Environment
- purposes relating to Research
- purposes relating to Community Development
*** Whereby Specific Agency (Can be single or multiple Specific Agencies) means the legal name of the not–for-profit agency
Please check with The Ballarat Foundation to ensure your selected specific agency is a not-for-profit and meets the definition of charitable.
How much could/should I give?
The level of the bequest is entirely up to the donor’s discretion and wishes.
However, it is our suggestion that specifying a percentage of the estate or the residue is a good idea as this allows the bequest to maintain its worth over the life of the will, whereas a fixed dollar amount is devalued over time and often wills are written decades before they are acted on.
What happens if your nominated recipient organisation ceases to exist?
If your nominated recipient organisation ceases to exist, the directors of The Ballarat Foundation will direct funds to support the most suitable like organisation.
Can you involve family in the application of funds after your death?
Yes. Talk to the Foundation about the flexible ways that this might operate.