There are several ways that you can make a bequest:
- A pledge of a percentage of your estate
You can provide for a percentage of the residue of your estate, for example 5% or 20% or 50%, to come to GALFA. This allows for growth or reduction in your estate and would not disadvantage your other beneficiaries.
- A fixed cash amount
This does not allow for a change in the value of your estate, or for inflation will erode the value of a fixed amount.
- A life insurance policy
You could nominate GALFA as the sole beneficiary of your life insurance policy, or you could make the bonuses of your policy payable to GALFA
- Items of value
You could leave items such as shares, property, paintings to GALFA
- A life interest clause
You could make a bequest to GALFA to take effect after the death of your partner. In this way they would benefit from your estate for as long as they lived.
Bequest wording suggested
You can pass the following wording on to your solicitor to assist you in preparing your Will:
“I bequeath to Gay and Lesbian Foundation of Australia for the purpose of the good and betterment of Lesbian, Gay, Bisexual, Transgender, Intersex people and allied communities, in Australia (a specified sum), or (specified items), or (the residue of my estate) free of all duties, and the receipt of the Secretary or other authorised officer for the time being shall be a complete and sufficient discharge for the executor(s).”
More information, please see our Bequest Brochure.