Bequests

Donating to the Warwick Foundation in your Will.

If you would like to make a provision in your Will for The Warwick Foundation, it is very important that the correct wording be used. Please ensure that your solicitor or the person making out your Will includes the following wording:

For a specific Bequest to The Warwick Foundation the following form may be used:

For a Gift of Residue to The Warwick Foundation:

Codicil

If you have already made your Will, you might like to add a codicil‚ an amendment to your Will‚ which sets out your instructions for a bequest to The Warwick Foundation. When you include The Warwick Foundation in your Will, please let us know. It is a great help to us in the Foundation's long term planning to know that we are being supported through bequests. To express our thanks we would like to send you a letter of appreciation and invite you to special functions.

If you or the person assisting you with your Will would like to discuss any aspect of making a provision for The Warwick Foundation please contact us. We will be very happy to talk to you, in strict confidence.

Making A Will

Every adult needs to have an accurate, up to date Will, yet more than half of adult Australians still fail to draw one up, and run the risk of not having their wishes met. If there is no Will to refer to‚ if you die intestate‚ the State will use a formula that may not provide as you would wish. By doing a little planning and thoughtful preparation of a Will that fully expresses your wishes, you will be able to provide for the people you love and the causes you care about exactly as you would want

The only way to ensure your wishes are carried out is to include them in your legal Will. Leaving a part of your estate to a charity is referred to as a bequest (or a legacy) and can take a number of forms. Like most charities, The Warwick Foundation relies greatly on the generosity of people who leave bequests. Even if you choose to leave the bulk of your estate to your family, we hope that you will consider leaving a portion to The Warwick Foundation

Steps to making a will

One of the most common reasons people do not make a Will is because they think it is complicated and costly. This is not necessarily the case; it can be an economical and straightforward process.

Choosing a legal practitioner or trustee company

• A Will is an important legal document, and it is wise to choose a legal practitioner or trustee company to prepare your Will and ensure that it is correctly drafted and deals with all aspects of your estate. Cure Cancer Australia Foundation can provide a list of legal practitioners or trustee companies who have agreed to prepare or update a Will for a nominal fee for those considering leaving a bequest to Cure Cancer Australia Foundation. You do not, however, have to use a legal practitioner or trustee company to draw up your Will. You may instead use a form from a newsagency or similar.

Assess the value of your estate

• Work out exactly what you have to leave in your Will. Make a calculation of what your assets are worth, then deduct from this the total debts and liabilities you have. The resulting figure is your estate.

The following list may be of assistance in calculating your net estate:

• Assets
• House
• Car
• Jewellery
• Stocks & Shares
• Superannuation
• Insurance policies
• Household Items
• Pension benefits
• Bank & building society accounts
• Furniture
• Clothing
• Anything else of value
• TOTAL
• Liabilities
• Mortgage
• Bank Loan
• Lease Agreements
• Credit card debts
• Other debts
• Tax owed

Decide on Beneficiaries

• Think about who is to benefit from your Will. You may wish to provide for your spouse, and for your children and grandchildren. There may be other relatives or friends, as well as charities and other organisations you wish to support. It is best to draw up a list of these beneficiaries, including their full names and addresses.
• Decide how you will allocate your estate between them.

Disposing of the residue

• After you have made specific bequests to relatives and friends, and after all the liabilities and fees have been paid on the estate, there is likely to be an amount of money left over. This is called the residue. It is wise to leave clear instructions in your Will as to how the residue is to be used. Many people choose to leave residue, or a share of it, to a charity as a way of helping a worthwhile cause.

Appointing an Executor

• You will need to appoint an executor, someone who is responsible for seeing that the instructions in your Will are carried out after your death. This can be a family member or friend, your legal practitioner or a trustee company. Being a beneficiary does not disqualify someone from being an executor.

Nominate a Guardian

• If you have minor children, it is important to nominate a person or persons you want to be guardians of your minor children if they were orphaned.

Reduce your Estate's Tax Liability

• Your solicitor or financial advisor can help you reduce your estate‚Äôs liability to taxation. You may consider taking out a life insurance policy that pays out a tax-free benefit to a chosen beneficiary or beneficiaries on your death. Many people choose to name a charity such as The Warwick Foundation as the beneficiary.
• Gifts (not being testamentary gifts) to an approved charity such as The Warwick Foundation Foundation are tax deductible. The amount of the gift can be deducted from the taxable income due for the estate in the relevant financial year.

Organ Donation

• Include any wishes you may have about organ donation. Remember to advise your family about these wishes, as they will need to know this immediately after your death.

Funeral Arrangements

• Specify any wishes you have regarding funeral arrangements in your Will.

Complete your Will

• Once your Will is finalised, it must be signed and dated by you in the presence of two adults witnesses who are not beneficiaries of the Will or the spouse of a beneficiary. Upon signing the Will, the witnesses must date and provide their address details, phone number and occupation.
• Once your Will is made, it should be reviewed every few years and updated as required. Change of circumstances, such as marriage or divorce, can nullify your Will.
• You can make a minor change to your Will by adding a codicil, an instruction that is added to your Will and becomes part of your Will. It is however often referable to sign a new Will, rather than a codicil, so the whole of your wishes are incorporated into one up to date document.

Safeguard your Will

• It is important that you safeguard your Will so that it can be quickly located when needed. Your solicitor or trustee company and your executor should know at all times where your Will is kept.

Power of Attorney

• When making your Will, you may also wish to consider appointing someone as your attorney in case ill health or other problems may prevent you from managing your own affairs. A power of attorney authorises someone to act on your behalf. It is wise to give your power of attorney to someone carefully chosen