What is a bequest?
A bequest (also known as a legacy) is a gift of money or assets that you leave (bequeath) through your Will.
Are there different types of bequests?
Yes. Bequests can be made in a number of ways, depending on your wishes or circumstances. The different types of bequest are:
- Residual – A gift in the form of the remainder of your estate, once your loved ones have been provided for and any taxes and charges settled.
- Percentage/fractional – A gift in the form of a specified percentage or fraction of your Estate.
- Specific/pecuniary – A gift in the form of a specified amount of money, item of property or stocks and shares.
- Combination – A combination of the two or more of the above types of gifts.
What is the most effective type of bequest for charities?
Generally, the most effective type of bequest is a ‘residual’ bequest - a percentage (either all or part) of what remains unallocated in your estate after your family and friends have been provided for, and any taxes and charges settled. Aside from ensuring your loved ones are provided for, the value of a residual bequest also changes over time, in-line with your estate, ensuring its value is protected. A specific amount (pecuniary bequest) does not.
How do I arrange a Bequest?
The best way to arrange your gift is to speak with a solicitor. They can ensure that your estate is distributed in a way that meets your wishes. They can create a Will for you, if you do not already have one, or update your existing Will to include a gift to Mission Australia.
Do I need to inform Mission Australia of my bequest?
You don’t need to inform Mission Australia of your Bequest. However informing us of your bequest is important because it gives us the opportunity to thank you for your generosity and invite you along to see some of our services to help you understand the ways in which your gift will be used to build a strong foundation for future Australians. Is also allows us to invite you to become a member of the Benjamin Short Society – a society named in honour of our founder, Benjamin Short who, appalled by the destitution and squalor he witnessed in Australia, started the first City Mission in 1859.
How can I let you know I have left a bequest?
You can let us know of your bequest simply by clicking here.
Aren’t bequests just for the wealthy?
No. Anyone can leave a bequest. Every contribution we receive is greatly appreciated. Every gift helps and together, we can build a stronger foundation for the future.
Can I leave a bequest and still provide for my family and friends?
Of course. As a family-oriented organisation, we only ask you to consider leaving a bequest once you have taken care of your family and friends. By leaving a residual bequest, you can provide for those who are most important to you in life, as well as leaving a gift to help Mission Australia continue to build a strong foundation for Australia’s future.
How will my bequest be used?
The contributions we receive through bequests are directed to funding our services that need it the most. In 2007/2008, 82% of the funding we received from all sources went towards funding our services.
Click here to read Mission Australia bequestor testimonials
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