How does a bequest work?
A bequest is a gift passed to an organisation or individual as part of your Will, a legal document that outlines your wishes when you pass away. It is the legacy you leave behind when you pass away, and can have a lasting impact on the lives of others.
All your financial assets, savings, properties, belongings, assets (like stocks and bonds) form what is known as your estate. When you pass away you can choose how you would like to divide up your estate with the executor of your Will. A person or organisation you choose to leave a bequest to is known as a beneficiary.
What are the different types of bequest?
There are four main types of bequests you can leave in your Will:
1) Residual: This is the remainder of your estate after you leave gifts to loved ones
2) Percentage or fractional: This is a gift expressed as a percentage of your estate
3) Pecuniary: This is a specific gift that can be money, property, stocks or shares
4) Whole estate: This comprises your entire estate
Who can I leave a bequest to?
You can choose to leave a bequest to a person or organization like the Vedanta Centre, or multiple people and organisations, depending on how you would like to divide up our estate. When making the decision of who, or what organisation, to leave a bequest to, it is important to consider the legacy you would like to pass on to future generations.
Safeguarding your loved ones, progressing the causes you’re passionate about, and leaving a lasting impact on the lives of others, are all important considerations to make when leaving a bequest.
How do I leave a bequest?
A bequest will need to be written into your Will. If you have a pre-existing Will, you will need to update the Will wording to include a bequest to a loved one or organisation. If you don’t have a Will, you can make your Will with a Solicitor, prepare your own will, or make your Will with the Public Trustee.
Why make a bequest to charity?
There are plenty of reasons you might choose to leave a bequest to a charity in your Will. A bequest to charity is a powerful way to leave behind a lasting impact in your honour or in the memory of a loved one. It’s the last gift you’ll give to the people and causes who need it most.
While leaving a gift to family and friends has the obvious benefit of ensuring your loved ones are looked after when you pass away, leaving a bequest to a charity in your Will can positively impact the lives of people you’ve never met, who you may share a common bond with. For example, many people who leave a bequest to organisations with whom they have had significant benefit or association throughout their life.
How to leave a bequest to Vedanta Centre Brisbane
Vedanta Centre of Sydney (Brisbane Chapter) is humbled by any bequestors who choose to leave a gift to the Vedanta Centre in their Will. The bequest assists the Vedanta Centre to carry on its welfare work, disseminate spiritual knowledge and uplift the lives of thousands of people.
It is important that your bequest is worded correctly and the following is recommended as a guide (note – you should alter the suggested wording as suited to your personal needs and you may wish to give this wording to the solicitor who is preparing your Will.)
Whilst there are many ways to leave a gift in your Will, the simplest and most common are:
- A percentage: This allows you to ensure your loved ones are looked after as well as giving a gift to the Vedanta Centre Brisbane. This is often regarded as the most flexible way to leave a bequest; as you don’t have to keep altering your Will to adjust the value of your gift to account for inflation or changes to your circumstances. Wording may include; “I give and bequeath to the Vedanta Centre of Sydney (Brisbane Chapter) for its general purposes, …% of my estate for which the receipt of the Treasurer or other authorised officer shall be an absolute discharge.”
- A specific sum: Leaving a fixed amount of money from your estate. It’s important to know this does not allow for changes in your circumstances or inflation and may need to be changed over time. Wording may include; “I give and bequeath to Vedanta Centre of Sydney (Brisbane Chapter) for its general purposes, the sum of $…. for which the receipt of the Treasurer or other authorised Officer shall be an absolute discharge.”
- The Residue: The Residue is a gift of ultimately whatever remains in your estate after your loved ones have been taken care of. Wording may include; “I give and bequeath to Vedanta Centre of Sydney (Brisbane Chapter) for its general purposes, the residue of my Estate for which the receipt of the Treasurer or other authorised Officer shall be an absolute discharge.”
- Whole estate: In this instance, a person might bequest their entire estate to Vedanta Centre of Sydney (Brisbane Chapter).
If you require more information about how to leave a bequest, please contact the Vedanta Centre office: info@vedantabrisbane.org, phone: 07 3818 9986
Bequests and your privacy
Bequests are personal matters and we respect your privacy. If you do choose to make a bequest to Vedanta Centre Brisbane, you are not obliged to let us know the details of your planned legacy, but we do encourage you to do so.
You can make a real difference to the societal welfare work of Vedanta Centre Brisbane by making a will and choosing to leave a bequest which will be a lasting symbol of your generosity.
All money given to Vedanta Centre Brisbane will be used for the dissemination of spiritual knowledge and for welfare activities according to our motto: “Liberation for oneself and service to mankind.”