HOME > BLOG 13 MAR 2020 By the Bequest Team, The Fred Hollows Foundation
A bequest by definition is a gift that is passed on by means of your Will. Also known as ‘Legacy Giving,’ anyone can make a bequest of any size, big or small that will eventually be gifted from their estate after their passing. A bequest can, for example, be made to a person or it can be made to a not-for-profit organisation, school, university, trust or foundation. Who you choose to leave a bequest to will be known as a ‘beneficiary.’ COVER PHOTO: Michael Amendolia (2015)
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There are many different ways you can leave a gift in your Will. For example, you may decide to bequeath your entire estate to one beneficiary, or you may choose to specify which parts of your estate you want to leave to multiple benefactors. Some of the more common types of bequests include:
Once you understand how bequests work and what your options are, where’s the best place to start? As a first point of call, it is best to work with a solicitor or public trustee to write a Will. A Will is a legal document that outlines how you wish for your estate to be divided, after you have passed on. Working with a solicitor or public trustee will ensure your Will is legally sound and carried out how you intended. Another important consideration is who you choose to be the Executor of your estate. The Executor will be the person tasked with managing the affairs of the estate after your passing. This includes ensuring that the Will is carried out in accordance with your wishes. Besides talking with a legal professional in order to create a water-tight Will, it’s also recommended that you have a discussion about your wishes to the people close to you.
Bequests have become an increasingly significant source of funding for charities. In-fact, according to a study by the United States Internal Revenue Service in this Forbes article, the average bequest is approximately three times more than the total sum of donations a person would have made in their lifetime. You should contact the charity you wish to give to, especially if you have questions about the future impact of your gift. For more information on the impact that a gift to The Fred Hollows Foundation will have, please see our ‘Gift in your Will’ page.
The Bequest Team - The Fred Hollows Foundation If you need any more information, you can get in touch with Nadia, our Relationship Manager, by emailing [email protected] or calling 1800 352 352 (free call).
Fred Hollows and fellow eye surgeon, Dr Sanduk Ruit, were great friends who shared the same vision: bringing affordable eye care and modern cataract surgery to people living in Nepal and other developing countries. While Fred didn’t live to witness it, their vision came true beyond what they imagined. To see more stories of the work we do around the world, check out our YouTube channel.
