How to make a bequest
Including a gift in your will to the Florey is simple and straight-forward. Whether you are creating a will for the first time or updating your will through a codicil. Either way, its important to speak with a professional legal advisor. This will ensure that your wishes are carried out in a legally binding way.
At the Florey we understand the value of family and believe that loved ones should always come first. We also believe that having conversations with loved ones and family are important steps in ensuring that your final wishes are fulfilled. We also understand that your circumstances can change at any time and respect any decision to alter your will at any stage.
Wording of Bequest
Creating a gift in your will is easy. It takes only a few words. You can add them when you make or revise your will or, you can ask your solicitor to add a codicil to your present will.
Types of Bequest
There are a number of ways you can leave a gift in your will to the Florey, depending on your personal circumstances and preferences. Some of the most common types of bequest include:
A gift of whatever is left of your estate after you have provided for your family and friends. This type of gift is often a percentage of your estate and remains proportionate to the value of your estate.
You may wish to gift a percentage of your net estate gift.
You could simply leave a set amount.
A gift or an item of value, such as shares, property or superannuation.
Some people like to give a combination of two or more of these types of bequests. Regardless of the method you choose, the Florey is very grateful for any support you can provide.
I give to the Florey Institute of Neuroscience and Mental Health, Melbourne
ABN 92 124 762 027
a. I give _______% of my estate
b. I give the residue of my estate
c. I give _______% of the residue of my estate
d. I give $_______
e. I give ________ (insert specific property or shares)
to be applied for the purposes of medical research by the Florey in such manner as its Directors may determine. I declare that the receipt of the Florey’s authorised officer will be a sufficient discharge to my executors who will not be bound to see the application of this gift.
To direct your gift to specific research, insert this clause - It is my wish that, without creating any binding trust or other obligation on the Institute or its Directors, that the gift will as far as possible be applied for the purpose of the study of _________________________________________________(insert research area).
Remember to discuss the following legal points with your legal advisor or solicitor as they may enhance the gift in your will.
- If you wish to allocate your superannuation to the Florey, the super balance needs to be left to your estate, in which case it will be dealt with as determined in the Will. This is because superannuation is not automatically directed through an individual’s Will.
- The Florey Institute of Neuroscience and Mental Health (ABN 92 124 762 027) holds Deductible Gift Recipient (DGR) Status and is fully Tax Exempt.
- The Florey is exempt from paying capital gains tax, and therefore any “in specie” transfer of CGT assets such as investment properties or shares (instead of a sale of those assets by the executors and a transfer of sale proceeds) may result in a reduced tax liability.
Join a community of like-minded forward thinking individuals creating lasting change through the work of the Florey.
By adding a gift to the Florey in your will and letting us know, we invite you to join a community of like-minded people who share your vision of a healthier future through brain research. As an expression of our gratitude we’ll stay in close contact, make sure you receive invitations to exclusive Florey events and are kept up to date on everything happening here at the institute.
For more information, please:
- Information for solicitors & executors
- Our promise to you
- Download a Copy of Our Free Bequest Guide to Learn More About Leaving a Gift in Your Will to the Florey
If you would like to discuss or leave a Gift in your Will to the Florey, please contact email@example.com
Brain health affects all Australians. You can support our research by making a donation or a bequest.