You don’t have to specify a certain amount, so you don’t have to worry about how much you will need in later life. Everything you own is yours while you need it. You can plan your will so that when the time comes, a proportion or the balance of whatever is left over, after providing for loved ones, can be given to ACF. It’s as easy as that.
Here are some ways you could leave a gift:
You can provide for your family and friends first and leave what is left over of what you own (the residue) to ACF. A residuary gift can be a percentage or proportion of what is left over after loved ones have been provided for and all expenses and claims paid. As your estate increases in value, so does your bequest. The value of your gift does not diminish with inflation as does a gift of a fixed amount.
Percentage or nominated portion
Your estate can be divided among a number of people and/or organisations.
Your gift can be a percentage or proportion of the whole your estate, or of what is left over (the residue) after individual gifts have been made.
If you feel undecided about leaving a gift to ACF in your will because you are unsure how much money will be available in the future, a residuary gift or nominated portion can overcome this hurdle. There is no need to nominate a specific value for your gift.
You can give a specific asset to ACF. ACF can receive all forms of property including shares and can be the beneficiary of a life insurance policy. Gifts of shares and other property do not attract GST for ACF or the estate.
Establishing a trust in your will allows a spouse or other person to use your property and to receive income derived from your estate during their lifetime, after which time the property can pass to ACF.
You can give a specific cash sum. Note though, that in the time between making your will and when the sum is received by ACF, the value of the gift can be diminished by inflation, or not have grown as the value of the estate has increased.
A gift in memory
You may wish to make your gift through your will in memory of someone special. ACF will mention the name of the person for whom the gift is made on our website here and in our Annual Report.