Bequests | Siena College
Bequests

A Gift that Lasts

Many alumnae and friends of Siena College have expressed great enthusiasm for the opportunity to consider a gift in their Wills to the College. In fact, if all Australians shared this vision and made a gesture in their Wills to support education, charitable works and meritorious causes, the landscape of our society would be profoundly changed.

What is a Bequest?

A bequest is an instruction in your Will to leave a gift (money, property or other asset) to a specific person, organisation or charity. It is a common misconception that only wealthy people leave money to a charity, school or not for profit organisation when they die. The reality is that many bequests are made by ordinary people who want to make a positive difference to the future.

The facts are around 30% of Australians actively intend to make a bequest to a charity in their Wills, but in reality only 7.5% actually do. Many simply never get around to adjusting their Wills to ensure their wishes are accommodated.

Changing a Will

Thankfully, making or revising a Will is neither difficult nor expensive. It is essential that you have a Will. Surprisingly, many do not. If you have already made your Will, you or your solicitor can easily add Siena College through a short legal amendment to your existing Will (also known as a codicil).

Types of Bequests

There are three types of bequests:

  • Residuary bequest: A residue or percentage of the residue of your estate, once other bequests have been made
  • Pecuniary bequest: A set amount of money
  • Specific bequest: A specific asset, e.g. property, art works, shares

For many donors, the residuary bequest is the most popular. We would be most grateful, once you have confirmed your intent, to advise us of your decision.

Tips to Leaving a Bequest

Step 1If you do not have a Will, you will need to obtain independent legal advice about creating one. If you do not have a solicitor, contact a solicitor or Public Trustee in your State
Step 2If you do have a Will, then all you need to do is add a codicil, a short legal amendment to your existing Will
Step 3 Decide on what type of bequest you would like to leave for example a percentage or a fixed amount. (Residuary, Pecuniary or Specific)
Step 4Discuss your wishes with your family and Will executors to ensure that your reasons for your decision are understood
Step 5If you would like to nominate an area of the College you wish to support please feel free to contact us to discuss this

Contact

Tracey Grobbelaar
Director of Development and Community Relations
Tel: 03 9835 0266
Email: tgrobbelaar@siena.vic.edu.au