What is a Gift in Will?

A bequest or gift in Will is a donation left to a charity or individual of your choice, as stated in your will. 

Such gifts can help to support the daily activities of charities you want to support and enable them to continue to support the community. In this way, it can be the perfect way to make an impact with your will. 

What can you leave as a gift in will? 

A gift in will can be a specific monetary amount, property, shares, or percentage of these assets. For example: 

• A monetary gift of a set amount  

• A percentage of your share portfolio 

• A piece of land or title deed 

• A percentage of the residue of your estate 

How can you leave a gift in Will? 

When writing your Will it is important to ensure your final wishes are recorded accurately. 

Many charities will outline the specific wording required to ensure your gift reaches them safely and will generally include the organisation’s business name and ABN. This information is available on the Parkinson’s NSW website.  

If using an online platform such as Willed, this information is prefilled and requires you to select your charity from the Fundraising Institute of Australia’s database and outline your bequest. 

Do I need to let the charity know that I have included them in my Will? 

There is no legal requirement to notify the charity that you have included them in your Will. However, many charities appreciate the opportunity to acknowledge your kindness and generosity before your passing. 

Writing a Will is not difficult  

The complexity of your Will depends on things like the size of your estate and the number of beneficiaries. However, for most people writing a Will can be a simple and inexpensive process. There are even free Will kits available online to step you through the process if you’d like to write your Will yourself. 

Once written, you can change and update your Will whenever necessary. Your assets remain 100% yours while you are living, and you have full control of when and how to update your Will. 

You don’t have to be wealthy to leave a gift in your Will for a charity. It is possible to look after the needs of your family and leave a bequest or a gift in Will to charity, no matter the size of your estate.  

There are three ways that are worth considering if you’d like to include a charity like Parkinson’s NSW in your Will. 

1. Residuary

The residue of your estate is what is left after all estate debts and expenses are settled and specific gifts are made. This is the simplest and most effective way to support a charity and guarantee your family and loved ones are looked after first. 

2. Percentage

This is where you nominate a percentage of your estate to leave to a charity. The benefit of this kind of gift is that it gives longevity to your Will. It is not subject to inflation or changes in the value of your estate. 

3. Specific

This can include the gift of property (such as real estate) or a specific dollar amount. However, the value of a specific gift like this can be subject to inflation over time. You can also make a charity like Parkinson’s NSW the beneficiary of your life insurance policy.  

A bequest or a gift in your Will is one of the most enduring gifts you can leave behind. It means your generosity lives on in future generations. 

Visit the Parkinson’s NSW web site for more information: 

Wills and Bequests | Parkinsons NSW