Not-For-Profit Organisations: Wills & Bequests

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You may choose to transfer a part or whole of your wealth or assets to various not-for-profit organisations in the form of bequests upon your demise. These transfers take place by means of Wills.

Bequests are actually gifts left out in a Will, which help to support programs of various not-for-profit organisations to provide basic needs and give people the skills, tools and knowledge to become self-sufficient. There are also various other programs undertaken by the not-for-profit organisations.

You should plan your Will and bequest before you pass on the assets to any of the beneficiary. This article will help you to understand different types of bequests a person can make in a not-for-profit organisation according to his/her testamentary intentions.

It is recommended that a person should always consult a Solicitor before making such bequests.

Forms of Bequests

You may allocate your assets by one of the following methods:

Residual bequest: In this method, you can actually make certain provisions in your Will for your loved ones and transfer the remainder or the residue of your assets to the not-for-profit organisation.

Percentage or fractional: In this method you can allocate a certain percentage or nominate a portion of your assets to the not-for-profit organisation. Bequests made through this method are expressed as a percentage or fraction of the assets.

Gifts: You may also transfer a specific asset(s) in the form of gifts to the not-for-profit organisation, which can be money, real estate or property, artwork, stocks or bonds or shares, jewellery and antiques.

Whole estate: In this method, bequest comprises of the entire estate of the testator.

Planned Giving through Wills & Bequests

Usually people while making a Will, leave out a part or entire assets to their loved ones. However, they tend to forget that these related people have actually made little or no impact in their lives.

In reality they forget the real support groups who gave them joyous and happy moments in their life.

Planned Giving through Wills and bequests is the term used to refer to the arrangements made for a not-for-profit organisation to receive contributions from the estate of a testator after his/her demise.

If you are considering changing your Will and planning to make a bequest, feel free to contact our team of experts at Owen Hodge Lawyers.

 

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