What is a Bequest?
A bequest is a gift of money or property left to a specific person or organisation after death. It forms part of your will testament, which details what happens to your wealth and assets when you die.
The Benefits of Planned Giving
Including a bequest to a charitable institution in your will testament can help reduce the amount of tax payable on what you leave behind when you die (your estate). It is important to seek expert advice from your accountant, financial planner or bank when you draw up your will testament. Your will testament must be properly worded, signed and witnessed to be valid.
How Can SIYP use my Bequest?
Depending on the size of the gift, it could be used to improve the facilities at the Salesian Institute, where our programmes are based. Alternatively, it could purchase an item of equipment for a specific programme. Naming rights may exist on some of these options. Smaller gifts are equally useful in providing for the ongoing running costs and maintenance. It really is up to you. You are most welcome to visit us to see where you would like your bequest to be used.
Types of Bequests
A specific sum of money
This is the simplest form of bequest, but makes no allowance for the effects of inflation or any changes in the value of your estate. If you choose this option, you may need to review your will testament to ensure the bequest remains what you wish it to be.
Valuable items such as property, motor vehicles, antiques, art works, jewellery, etc. may be bequeathed to an organisation such as the Salesian Institute Youth Projects.
A percentage of your estate
This ensures a fair distribution amongst all the beneficiaries and avoids inflation-related issues.
The residue of your estate
Whatever is left over after all taxes, liabilities and other bequests have been paid is known as the residue. You can bequeath the whole of the residue or a percentage of it.
A life insurance policy
An existing policy can be left to the Salesian Institute Youth Projects by making them the beneficiary of the policy. Or you can take out a new policy naming us as the beneficiary.
Whatever you choose to leave and whatever the value, we will be most grateful for the difference it will surely make.
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