Gifts in a Will are an important source of income for the Stannies Old Boys Bursary Fund. The generosity of Stannies Old Boys will allow the Association to create and sustain the capital base of the bursary fund.
Over 50% of Australians die without making a will. Yet if you die without making a valid Will, there is no way of ensuring that your wishes will be carried out. Your assets will be distributed according to a State Government formula.
Making a Will is something everyone should do, no matter what age or how small the assets involved. It ensures that your loved ones and others you consider special are remembered and cared for. It can also ensure that an organisation or cause that you have supported in your lifetime is provided for as well. There are a number of ways to make a gift in your Will. Such a gift is called a bequest or legacy. We have provided below a list of common forms of bequest together with a brief explanation of each one. If you decide to include Stannies Old Boys Bursary Fund in your Will, we would very much appreciate being notifi ed. It not only helps us with our future planning but importantly it gives us the opportunity to thank you. Discussing your bequest with us could also enable you to decide how you would like your bequest used.
Choosing the Type of Bequest
There are many different ways to make a gift or bequest in your Will. You should seek legal advice before choosing the one which best suits you. To assist we have listed the most common forms together with a brief explanation.We have also provided the wording needed for each type of gift or bequest if you need it.
A General Bequest
With a general bequest your money will be used to fund Bursaries. General bequests may comprise the whole or residue of you estate, a proportion or a fi xed amount (legacy).
A Share of the Estate
This is the most common form of bequest because it does not depend on the size or value of your estate. Nor is it affected by any change in your circumstances between the time you write your Will and the time you evidently die. It also means that you can decide the order of importance of those people or organisations, which will benefi t. Whatever happens, the most important person or organisation will always get the biggest share if thatis what you wish.
A proportionate share is usually recommended over a dollar amount as the value of the dollar amount can be significantly eroded over time.
A Specific Purpose Bequest
If you have a specifi c purpose in mind - within the constraints of the Bursary Fund - it is recommended that you include a clause in your Will, such that if circumstances make the bequest unable to be fulfi lled, then you direct the Board of the Stannies Old Boys Bursary Fund to redirect the funds in the most appropriate way.
The Residue of the Estate
If you have included one or more fi xed amount bequests or legacies in your Will then whatever remains is known as the residue. The residue can be left as a whole or shared amongst several benefi ciaries in the proportions you request.
Bequests in Perpetuity
Large bequests can be held in perpetuity by Stannies Old Boys Bursary Fund Board and the income derived from the investment used for either general or specific purposes, again within the constraints of Bursaries guidelines.
Wording for Bequest
Bequests are applied to Bursaries as determined by the guidelines of the Stannies Old Boys Bursary Board Fund. The Bursary Board of the Stannies Old Boys Association strictly manages eligibility for Bursaries.
The Whole Estate or Residue
I GIVE to the Stannies Old Boys Bursary Fund, corner Brillant and Bentinck Streets, BATHURST NSW 2795 Australia the *whole/residue of my estate free of all duties and deductions, and I DIRECT that the receipt of an authorised offi cer of the Stannies Old Boys Bursary Fund shall be deemed proof of payment.
*Please delete whichever does not apply
I GIVE to the Stannies Old Boys Bursary Fund, corner Brillant and Bentinck Streets, Bathurst NSW 2795, Australia .......... per centum of *my estate/ the residue of my estate free of all duties and deductions, and I DIRECT that the receipt of an authorised officer of the Stannies Old Boys Bursary Fund Board shall be deemed proof of payment.
*Please delete whichever does not apply
A Dollar Amount
I GIVE to the Stannies Old Boys Bursary Fund Board, corner Brillant and Bentinck Streets, Bathurst NSW 2795 Australia the sum of ............ dollars free of all duties and deductions, and I DIRECT that the receipt of an authorised offi cer of the Stannies Old Boys Bursary Fund Board shall be deemed proof of payment.