This Include a Charity Week, September 4-10, we are reminding the community on the importance of leaving a gift in your will to a charity and cause that’s close to your heart. Charitable bequests are a great way to leave a legacy and positively impact future generations.
Of course, if you have never written a will to include a bequest, you’ll have some questions which our Gift in Wills team have helped answer below:
What is a bequest? Are bequests tax deductible?
Bequests are gifts that are made as part of a will or trust.
Charitable bequests are given to a nonprofit organisation like Cancer Council NSW for future impact. Donations $2 and over you make to a charity who is a deductible gift recipient (DGR) are tax deductible, however bequests are treated differently and are not tax deductible since they are part of your will.
Cancer affects everyone. By including a gift in your will to Cancer Council NSW, you will allow for Cancer Council NSW to continue with its vital work to create a future where cancer doesn’t tear families apart. Imagine that.
Do I need to be wealthy to leave a gift in my will?
Whatever you can afford can make a bigger impact than you realise. It’s important to note that even a gift of 1% can make a difference. By supporting Cancer Council NSW, you will be supporting new treatments to prevent cancer, research breakthroughs that will help people live longer and create a cancer free future.
Meet Tony
Tony is a Cancer Council NSW volunteer and Gift in Wills supporter. Both him and his wife have left gifts in their wills because of how cancer has impacted their families. Tony also had cancer detected early and is living proof how routine blood tests make a difference. Here’s what he has to say:
For us, and our family, it’s the right thing to do. I’m not a wealthy person, but my money can still help.” – Tony
How do I get started?
As your top priority, we recommend thinking about how your family and loved ones will be taken care of in your will. From there, you can consider the generous gift you can leave to a cause you’re passionate about.
Imagine yourself as a helping hand, ensuring we make a bigger impact with your support and contribution.
What type of gift can I include in my will?
There are different types of gifts you can include in your will, such as:
- Estate – You can choose to leave your entire estate as a gift to Cancer Council NSW.
- Percentage – A percentage gift is a nominated percentage of your whole estate. The value of this gift adjusts over time. A percentage ensures your loved ones are taken care of, whilst also leaving a legacy that will grow as your estate grows.
- Residual – A residuary gift is a portion of your estate, or the balance remaining after loved ones and expenses are provided for.
- Assets or fixed gift – You can leave a specific sum of money or any items that you own like property, cars, shares, jewellery.
Leaving a charitable bequest is a personal decision and it’s really up to you what you choose. Even 1% in your will can make an incredible contribution to transform lives now, and into the future.
What does my gift do?
A gift in your will enables us to translate research into programs and policies that improve health outcomes, stop cancer before it starts and discover new cancer risk factors that we can tackle. It will also ensure that we can provide support to those who are impacted by cancer at a time they need it most. Imagine your impact.
Leaving a gift in your will helps people like Sue. Watch her story here:
We want to see a cancer free future for the ones we love and the rest of the population. We like knowing the light of hope will stay on after we have gone.” – Sue
