Making a Will is an important way to secure the future of your loved ones and to make known your wishes to those you leave behind. Leaving a gift in your Will (bequest), is a tremendous and thoughtful way of supporting the work of Motor Neurone Disease New South Wales Ltd. (MND NSW). It ensures that we can continue to support all those affected, be they the people living with MND or their loved ones, for it is estimated that for every person diagnosed with the disease another fourteen people will live with the consequences of MND forever.
Suggested wording for your bequest to Motor Neurone Disease New South Wales Ltd.
Specific Legacies
"I give to Motor Neurone Disease New South Wales Ltd. (ABN 12 387 503 221) the sum of $........ for its general purposes, free of all duties and taxes payable upon or in consequence of my death and I declare that the receipt of its Chief Executive or other authorised officer shall be sufficient discharge to my executors."
Residuary Bequests
"I give, devise and bequeath the rest and residue of my estate to Motor Neurone Disease New South Wales Ltd. (ABN 12 387 503 221) and I declare that the receipt of its Chief Executive or other authorised officer shall be sufficient discharge to my executors."
To make a Will, we strongly advise that you make an appointment with a solicitor or trustee company. However, there are five steps in preparing your Will.They are:
The best way to start is by roughly valuing everything you own. This is known as your ‘estate’. Most people say they have nothing to leave and they are usually surprised after listing all their assets (what you own) and then deducting all their liabilities (what you owe).
When compiling a list of assets you should think of the following items:
However, it is not unusual for people to forget to list and state what they intend to do with the following assets which in today’s world often constitute the bulk of an individual’s estate:
These assets are not automatically covered by the terms of your Will. They must be listed and allocated specifically.
All your assets must be accounted for under the terms of your Will otherwise you will die partially intestate and an application for Administration will need to be made to the courts.
These are the people and charities who will be, in legal terms, your beneficiaries. Simply note down their names and addresses and what you would like to leave them. It is not recommended to omit a member of your family or household as they could challenge your Will. This will delay finalising your affairs and also cost the estate money to fight any subsequent court case.
Your solicitor or trustee company can give you more information, but in general there are six major types of bequests:
There are numerous steps in the administration of an estate, from assisting in the arrangement of the funeral, identifying and collecting assets, paying all debts, identifying all beneficiaries, applying for a Grant of Probate from the Court, completing taxation matters to the distribution of assets to beneficiaries.
Consequently the people you choose as your Executors (preferably have more than one) must have the time and ability to administer your estate. Always ask them first and if one Executor dies or lacks capacity (the ability to carry out his or her affairs without assistance) then a new Executor should be nominated.
Making a Will is not as expensive as most people think – but because it is a legal document, we strongly advise you to use a solicitor or trustee company, or you can write your will online with Safewill.
Once your Will has been signed and witnessed (do not ask a beneficiary to witness your Will for they will be immediately disqualified from receiving a bequest from you), you should keep it in a safe place, such as with your solicitor or trustee company. We also recommend that you keep a copy of your Will for your reference and let your Executor know where the original is kept.
For additional information or questions about leaving a gift to MND NSW in your Will, please contact our office ph. 02 8877 0999 or Freecall 1800 777 175.
Download a copy of our Bequest Brochure