Bequests
Your legacy will ensure future generations enjoy the Australian bush.
In making a bequest of property or money to Trust for Nature, you will help guarantee the protection of Victoria's native vegetation for the enjoyment of future generations.
What are the benefits of leaving a bequest?
-
Leave a legacy - Your gift will ensure our native vegetation will be protected for future generations.
-
Personal satisfaction - Have the satisfaction of knowing that you will leave a lasting legacy that will make a real difference to not only our children, but also our children’s children.
-
Freedom and flexibility - Change your mind and your bequest at any time.
-
Tax savings - Save on possible Capital Gains Taxes.
What types of bequests are there?
There are several types of bequests, which allow you to designate how your estate will be distributed.
Specific Bequest: You describe exactly what you want to leave to a specific individual or organisation and the designated source. This is the type of bequest you would use if you wanted to leave a specific dollar amount or a particular item (such as an antique or collector's item).
General Bequest: This type of bequest does not specify the source from which it should be paid. This gives your executor the flexibility to honour the bequest from any available source.
Residuary Bequest: This type of bequest is honoured after all other bequests have been made and all debts, expenses and taxes have been paid.
Contingent Bequest: This type of bequest is fulfilled if certain conditions are met. For instance, if your primary beneficiary does not survive you, you can indicate your next choice through a contingent designation.
What tax information do I need to know?
Bequests, devises, gifts or settlements made to Trust for Nature are exempt from tax and all donations of $2 and over are tax deductible. The Taxation Laws Amendment Bill (number 8) 1999, allows income tax deduction for gifts of property worth over $5000. Tax deductions can be apportioned over five years to gifts of property to eligible environment and heritage organisations. Capital gains tax exemption can be claimed for testamentary gifts of property.
How to name us in your will?
Legal language for wills and estate plans:
Trust for Nature's preferred options for the wording of bequests and devises are:
“I ………………………. give, devise and bequeath unto Trust for Nature (Victoria) a statutory body corporate constituted under the Victorian Conservation Trust Act 1972, for its general purposes, free of all duties, (one or multiple of the following options)
• …… % of my Estate or the residue of my Estate
• The sum of $ ……………………
• Life Insurance Policy number …………………
• Property (details)
• Or other (details) and I direct that the receipt of the Treasurer or other and Proper Officer of Trust for Nature shall be sufficient discharge to my Executor for the Bequest which is to be applied to the general purposes of the Trust.”
• Are there any other options?
When considering a legacy for Trust for Nature you may wish to think about some options. These might include contributing to Trust for Nature as part of your total estate planning strategy or setting up a special Trust for Nature Fund. Another alternative to making a bequest is to name Trust for Nature as a beneficiary to a life insurance policy. But before considering any of these giving options Trust for Nature urges donors to discuss their plans with a solicitor as well as an accountant.
What about specific preferences?
Donors with very specific preferences, for example preserving a particular block of land for a stated purpose such as a sanctuary for wildlife, should consult with Trust for Nature staff before finalising their intentions as future land management costs might need to be provided for in your Will.
What other legal advice is out there?
The Law Institute of Victoria also publishes a list of solicitors who are accredited specialists in wills and estates, whilst trustee companies are also able to advise if a donor does not have a preferred solicitor. These are listed in the Yellow Pages under the heading ‘Trustee Services’.
For further information about leaving a lasting legacy to Trust for Nature through your Will, call Trust for Nature on 03 8631 5888 or email