Leaving a charitable bequest in your Will can be a thoughtful way to support the causes you care about, but it’s important to get it right.
Here’s what to consider:
- Name the charity correctly: Even small errors, such as using an outdated name, can create complications for your executor and may require costly court involvement.
- Choose the right type of gift: Will it be a fixed monetary amount, a percentage of your residuary estate or a specific asset? If it’s a monetary gift, should it be indexed to inflation?
- Review your Will regularly: We all know that life changes. You might get married, have children or change your assets. If your estate value decreases over time, charitable gifts may take priority over your residuary beneficiaries (meaning they are left with less of an inheritance than you intended). Your Will should be regularly reviewed and if appropriate updated to reflect your current wishes.
- Consider tax implications: Gifting specific assets can carry tax consequences that need to be carefully addressed in your Will.
- Draft with care: Charitable bequests require precise legal wording, and many charities provide preferred clauses to include.
Thinking about including a charitable gift in your Will? We’d love to help.
Book a free chat with us today to ensure that your wishes are clearly and properly documented, including any charitable bequests you wish to make.
We are experienced Wills and Estate Planning lawyers based in Prospect and work with families across Adelaide to help you put in place an Estate Plan that reflects your values and gives you confidence about the future.