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Bequests

A Lasting Legacy

Making a Will is a very personal, but important thing to do – one that requires careful consideration and one that we all should do.

If you are making or updating your will and you have made allowance for your loved ones, you might consider leaving a lasting legacy – a bequest to the Colac Area Health Foundation is a lasting gift to the health and welfare of future generations of those who live in the Colac and district region.

There are a number of ways that a bequest can be made:

  • A Fixed Percentage of your Estate or Residue. Nominating a percentage of the value of your estate or the residue of the estate after debts, expenses and other specific bequests are paid, ensures that inflation or any changes in the size of your estate, do not have any effect on shared beneficiaries. Where there are shared beneficiaries, this is the preferred option.
  • A Specific Sum of Money. This is a simple form of bequest, however it does not allow for inflation or the changing value of your estate.  You may wish to review your Will regularly to offset these changing values.
  • Your Entire Estate or Residue. You can leave your entire estate or, after providing for family and loved ones, you may decide to leave the balance of your estate to the Colac Area Health Foundation.
  • Specific Gifts from your Estate. Your gift does not need to be in a monetary form. You can nominate shares, property, works of art, etc

If you wish to make a bequest to the Colac Area Health Foundation, it is suggested that you carefully consider these options and discuss them fully with your family and solicitor.

Wording

Your solicitor will be able to assist when it comes to wording your bequest in a way that will ensure your wishes can and will be carried out.  To assist you, following are examples of appropriately worded bequests to the Colac Area Health Foundation based upon the above examples:

  • “I give/bequeath to Colac Area Health Foundation (ABN: 82 147 412 833) in the state of Victoria a ___% share of my estate/residual estate.  The receipt of an authorised officer of Colac Area Health Foundation shall be an absolute discharge to my executors.”
  • “I give/bequeath to Colac Area Health Foundation (ABN: 82 147 412 833) in the state of Victoria the sum of $ ______.  The receipt of an authorised officer of Colac Area Health Foundation shall be an absolute discharge to my executors.”
  • “I give/bequeath to Colac Area Health Foundation (ABN: 82 147 412 833) in the state of Victoria my entire estate/residual estate after debts and Testamentary expenses.  The receipt of an authorised officer of Colac Area Health Foundation shall be an absolute discharge to my executors.”
  • “I give/bequeath to Colac Area Health Foundation (ABN: 82 147 412 833) in the state of Victoria the real property comprising: _____________.  The receipt of an authorised officer of Colac Area Health Foundation shall be an absolute discharge to my executors.”

“I declare that the receipt of the secretary, treasurer or other proper officer of the nominated beneficiary will be a full discharge for my trustee who will not be bound to see its application.”

You may make your bequest a ‘General Purpose Bequest’ to be administered by the Foundation, or you can make a ‘Specific Purpose Bequest’ where you direct that your bequest be used for a specific purpose or facility, such as:

  • Needs of a specific department within Colac Area Health (Eg: Corangamarah Residential Aged Care)
  • Purchase of new medical equipment such as dialysis machine
  • Clinical Research & Education Projects/Scholarships

If you have already made a Will, but would like to leave a gift to the Colac Area Health Foundation, you can do so by making a simple addition to your Will called a ‘Codicil‘.  By adding a codicil to your Will you can include new instructions and make alterations to old ones without having to go through the process of making an entirely new Will.  Discuss these options with your Solicitor.

Special Ambassador’s Program

If you would like to make a bequest or if you have already made provision in your Will for the Colac Area Health Foundation, please let us know so we may acknowledge your generosity within your lifetime.

We like to thank people for their help – read more on how you can become a Colac Area Health Foundation Special Ambassador by taking part in our Special Ambassador’s Pin Program

Phone: 03 5232 5288

Email: foundation@cah.vic.gov.au

If you wish to make a bequest to the Colac Area Health Foundation, make sure you discuss your intentions with your family and your solicitor.