Bequests

When her brother passed away, Elizabeth H decided she would honour his memory and the close relationship they shared in the form of a bequest. “My brother was diagnosed with schizophrenia in 1999 and passed away in 2007,” she explains over the phone when asked why she left part of her estate to the Institute. “I didn’t have a will prior to making the bequest, but the process was fairly easy.

It’s a common misconception that including a charity in a will is a time-consuming process, or that it is something that only the very wealthy do, however the reality is quite the opposite. The majority of people who leave a bequest have lived typical lives but want their charitable gifts to continue giving long after they are gone.

“Leaving a bequest means you leave a lasting legacy, your money goes where you want it to go, particularly to something you feel strongly about,” says Elizabeth.

If you would like to leave a gift in your will, you should discuss your decision to include the Schizophrenia Research Institute with your family as well as a solicitor or trustee. You can leave:

  • the residue of your estate, after your family and friends have been provided for,
  • a percentage of the residue or
  • a percentage of your entire estate.

Your gift could create a scholarship, an education grant or could support one of our key scientists. Your bequest will be used solely for schizophrenia research.

“I’m hoping my bequest means more money will be made available to something I support and can benefit other people,” Elizabeth says.

If you would like to discuss this important decision in confidence, or to have the correct wording for you and your solicitor, please contact Leonie Harle on (02) 9399 1153 or email contact@schizophreniaresearch.org.au

The Institute has recently joined with NeuRA to make our research even more effective. If you have already made a bequest to Schizophrenia Research Institute, your gift remains valid and you do not need to change the wording.

 

How to leave a bequest

When you choose to make a bequest to the Schizophrenia Research Institute, you will give future
generations a better chance against schizophrenia. Leaving a gift in your will is a simple task and
ensures that your money continues to support the causes that mean a lot to you in this lifetime.
Types of bequests can include:

  • A specified cash sum
  • A percentage of your estate
  • Property (left to the Institute to either occupy or from which to receive income) Items of value such as a parcel of shares, debentures, bonds, a life insurance or endowment
    policy, works of art or jewellery
  • The residue of your estate after all debts have been paid and all gifts distributed.

Please click here to see the Institute’s Bequest Brochure.

 

Suggested Wording

It is important that your bequest is worded correctly and the following is recommended as a guide.

You may wish to give this wording to the solicitor who is preparing your Will.

1. THE RESIDUE OF YOUR ESTATE

The residue is the amount left over after you have looked after your loved ones and outstanding
debts.

“I give and bequeath to the Schizophrenia Research Institute, (ABN: 31 068 846 319), Margarete Ainsworth Building, Barker Street, Randwick NSW, 2031 Australia, in aid of that institution and for its general purposes, the residue of my estate for which the receipt of the Treasurer or other authorised Officer shall be an absolute discharge.”

 

2. A PERCENTAGE OF THE RESIDUE OF YOUR ESTATE

“I give and bequeath to the Schizophrenia Research Institute, (ABN: 31 068 846 319), Margarete Ainsworth Building, Barker Street, Randwick NSW, 2031 Australia, in aid of that institution and for its general purposes, xx percent of the residue of my estate for which the receipt of the Treasurer or other authorised Officer shall be an absolute discharge.”

 

3. A PERCENTAGE OF YOUR TOTAL ESTATE

If you have no dependent family, you may choose to give a percentage of your total estate.

“I give and bequeath to the Schizophrenia Research Institute, (ABN: 31 068 846 319), Margarete Ainsworth Building, Barker Street, Randwick NSW, 2031 Australia, in aid of that institution and for its general purposes, xx percent of my total estate for which the receipt of the Treasurer or other authorised Officer shall be an absolute discharge.”

Please consult your lawyer whenever you prepare or change your will. The Institute also recommends you speak with your financial advisor about tax implications and benefits.

For further details or to advise that you have arranged to leave a bequest to the Schizophrenia Research Institute please contact:
Phone (02) 9399 1010
Email contact@schizophreniaresearch.org.au

Page last updated: 16:05  22 July 2015