Bequest Program
What is a bequest?
Quite simply a bequest is a financial gift left in your Will to a person, organisation or not for profit organisation such as Snowy Hydro SouthCare.
There is no lower or upper dollar limit to your bequest. It is your personal circumstances, generosity and philanthropy that determines the quantum.
There is no limit to the number of bequests you can make in your Will. It is your own beliefs, interests and passion that will determine the number. You can give to whoever you like.
Why even make a bequest?
You can continue to make a difference to your community long after you have passed. Bequests provide much needed financial assistance to non profit organisations that work in the community.
Take for example the Snowy Hydro SouthCare Rescue Helicopter that operates 24 hours per day, 365 days a year. With no cap on missions and ever increasing costs, every dollar donated makes a big difference in saving lives in the ACT and Southern NSW. Nobody ever expects to have to use it but it is there ready for you, your friends and your family.
After providing in your Will for everybody you wish to, there are a number of options for making a bequest:
• You can leave a specific amount of money or property
• You can leave a percentage of your estate
• You can leave the residue of your estate after all other gifts have been distributed and your debts have been paid
To make a bequest or to discuss a bequest :
Phone: (02) 6207 9923
Visit us at 4 Point Cook Avenue Majura ACT 2600 (across from Canberra Airport in the old Farbairn RAAF Base)
Write: PO Box 7018 CANBERRA BC ACT 2610
Email: info@snowyhydrosouthcare.com.au
Frequently Asked Questions
1. How can I be confident that my Will is legal?
A will is a legal document and has far reaching implications for your family and your family’s future so it is recommended to consult a legal professional. Also if your Will is not completed properly it could potentially be invalid. We recommend you contact:
Level 3
54 Marcus Clarke Street
CANBERRA ACT 2601
Tel: (02) 6162 1613
Email: Lisa.barlin@griffinlegal.com.au
2. How can I ensure that my Will correctly reflects my wishes?
Firstly you need to write down on paper what you actually want and then think through all the possible consequences. A valid Will allows you to split your estate as you deem appropriate between family, friends and not for profit organisations like Snowy Hydro SouthCare.
3. How can I ensure that my children are cared for?
In your Will, you may appoint a guardian for your minor children.
4. What is the role of an Executor in respect to my Will?
An Executor is a person appointed in your Will to ensure that your wishes and instructions are carried out to the full. Depending upon your personal affairs, and the state of same, it can be an easy or complicated role.
5. How do I choose an Executor for my Will?
It is a personal decision. You can choose a professional (ie Lawyer or Accountant) or you can choose a friend or family member. If not a professional, it is prudent that the person you choose preferably has some form of business or administrative experience. Also you should discuss their appointment as Executor prior to naming them in your Will.
6. How do I ensure my Will reflects my current circumstances?
As your personal circumstances change, so too should your Will. Changes such as marriage, children, loss or addition of property and loss of family members will all potentially impact on your previous wishes and instructions reflected in your will. A change or addition to your Will is called a codicil.
There is no steadfast rule on when or how often you should amend your will but common sense suggests you monitor your life for any change that may impact upon your standing wishes and instructions in your standing Will and take action when changes occur. Never procrastinate on this issue.
7. How can I ensure that all of my assets have been accounted for?
If you acquire any significant assets (ie house, car, boat etc) after writing your Will you may wish to take the opportunity to immediately amend your will. In any case, you should keep a current list of your assets and liabilities with your Will, along with a full list of names and addresses of relevant people and organisations (ie Bank, Stockbroker, Accountant etc).
8. Where should I store my Will?
Your Lawyer or Trustee Company may store your Will for you. If you wish to leave it in your home, identify a secure place such as safe or filing cabinet. Ensure your Executor and family are aware of the location of your Will.
9. What happens if I don’t make a Will?
Should you die without making a Will you will have no valid Will and you will be classed as having died intestate ( a state of intestacy). In this case the Government (an Administrator – a person appointed by law to administer your estate) takes over the settlement of your estate including realisation of all assets and payment of any outstanding debts.
You basically get no say in the distribution of your estate to your next of kin. Your assets will be divided among your spouse, children and relatives. If you have no living relatives or dependants, your assets will be distributed to the State in accordance with the statutory order of distribution which applies on intestacy.
10. What wording do I use for a bequest to Snowy Hydro SouthCare?
I GIVE DEVISE AND BEQUEATH to Snowy Hydro SouthCare for its general purposes:
(a) The sum of (insert amount) or,
(b) (insert amount) per cent of my Estate or,
(c) The following property : (Insert details)
I direct that the receipt of the CEO or Other proper officer for the time being shall be a complete and sufficient discharge to the Executor for that gift