Gifts in Wills

Writing a Will can sound overwhelming, but it doesn’t have to be complicated or time consuming. In Australia, anyone can prepare a Will if they are aged over 18 and deemed to be of sound mind.

For a Will to be valid it must be:

• Written down – you can’t rely on verbally passing on your wishes.
• Signed and witnessed by two people who aren’t your heir or spouse.

Different states and territories may have different rules, so it’s recommended that you check any relevant government websites before you start to make your Will. You can choose to have a trusted professional such as a solicitor help write your Will or you can write your own using a DIY Wills kits often found online.

To write your own Will you can:

• Speak to a solicitor or legal professional if you have any questions about how to write your Will.
• Read example Wills available online to understand how to structure it and the appropriate language to use.
• Download or purchase a DIY Will kit.
• Use an online Will service like our trusted partners Safewill or Willed
• Visit the Public Trustee site for you state or territory to make sure that you understand the services available to you and what it means for life events such as marriage or divorce.
• Be very specific in your instructions and careful to include as much detail as possible. This avoids the possibility of misinterpretation or your Will one day being deemed invalid (Oxfam can assist you find someone to help you write your Will if clear communication is a concern for you).
• If you have a relative or business that is connected to you that you wish to exclude from your Will, be very clear about this also.
• File your Will somewhere safe but easily accessible for your loved ones if they need to access it at a later date. Leaving a copy with a solicitor or trusted professional is also a good idea.
• Remember to update your Will every few years to reflect your circumstances.

A Will gives you the power to choose how your assets can benefit your loved ones, and adding a bequest to Oxfam ensures you leave a legacy that benefits people all around the world.

If you’ve already made a Will but have decided that you want to update it or make changes, you can:

• Add a codicil to your existing Will.
• Choose to revoke the Will and write a new one.
• Destroy your Will.

A codicil is just an addition that can be added to your Will and is often all that’s required if you are only making a minor change to your Will. If it’s a large change, you’ll likely be required to write a new Will. To update your Will with a codicil you must:

• Identify the exact section in your Will that you wish to update and clearly record it with the new information you wish to include.
• Use the same language in your Will as you do in your codicil.
• Include a sentence that references your original Will by date.
• After adding your new provisions, include a sentence indicating that the rest of the Will shall remain as it is.
• Ensure that the codicil is signed, dated and kept in a safe place with the original Will.

If you have any questions or are unsure on how to update your Will, seek the advice of a lawyer or professional.

A charitable bequest is simply a donation left in your Will to a charity of your choice. It can be the whole amount, a specific amount or percentage of your estate.

For many people who have lived a life of compassion, it is natural to wish to use a portion of the assets they leave behind to help improve the lives of others. Bequests are a popular way to provide support for generations to come.

A bequest is also a wonderful way to donate to a charity if you have not been able to during your lifetime. By choosing to leave Oxfam a bequest in your Will, you are helping fund the important work we do tackling the inequalities that keep people in poverty.

There are many different bequests you can gift in your Will. The type of bequest you wish to leave is entirely up to you. Here are the different types:

• Residuary bequest (a provision in a Will that donates the remaining portion of an estate to a charitable organisation after all debts, expenses and specific bequests have been fulfilled).
• Pecuniary bequest (a specific provision in a Will that designates a specific sum or a fixed asset to be donated).
• Specific bequest (a provision in a Will that designates a particular asset or fixed amount of money to be donated).
• Contingent bequest (a provision in a Will that designates a gift to a certain beneficiary only if certain conditions or events occur, such as if other named beneficiaries predecease the testator).
• Percentage of estate (a provision in a Will that designates a specific percentage of the estate’s value or of a particular asset to be donated).
• Whole estate (a gift expressed that comprises your entire estate and is usually left by those without family or other preferred beneficiaries, or those wanting to achieve something very significant with their gift).

Including a gift in your Will is easy. You can either include it as you create a Will or add a section afterwards (an amendment). We can assist you with the wording of your Will, or the types of gifts you could choose to bequest.

Choosing the executor of your Will is an important job requiring careful consideration. This is the person who makes sure that your wishes are carried out and holds the responsibility of collecting your assets, paying any debts and ensuring that your estate is distributed correctly.

When you choose an executor for your Will, the person is expected to:

• Contact the beneficiaries in the Will and notify them of their entitlements.
• Value the estate and then keep records of the valuations.
• Make financial decisions based on the assets and money in your estate.
• Organise the payment of any debts.
• Liaise with the Australian Tax Office (ATO) and complete any income tax returns.
• Divide the estate and supply relevant documentation to all beneficiaries.

Although anyone deemed to be sound of mind and aged over 18 can be appointed an executor, there are a number of factors you need to consider before making your decision.

Things to think about include:

• Will the person have to deal with any likely disputes and if so, will they be able to handle that stress?
• Does the person have the right skill-sets for dealing with potentially complex financial, family and legal affairs?
• Will your executor also be a beneficiary of your Will, resulting in perceived or real conflicts of interests with other family members or friends?

While family members such as a spouse, partner or children are often appointed as executors, it can sometimes be beneficial to choose a professional advisor such as a solicitor, accountant, trustee company or friend of the family, instead.

The Public Trustee of each state can act as your executor, offering professional, impartial and expert care to ensure your wishes are honoured. Doing so could relieve your loved ones of the burden and avoid unnecessary complexity - perfect if you don’t have suitable family or simply want peace of mind.

Including a gift to Oxfam in your Will is an act of trust. That’s why it’s so important to us to respect your trust, by making sure your gift efficiently and cost-effectively goes where it will have the most impact.

When you leave a gift to Oxfam in your Will, we spend it where it is most needed, always striving to be transparent in our distribution. However, if you wish to support one particular area of work, please get in touch with a member of our Gifts in Wills team.

If you pass away without a Will, it’s known as intestacy. Although the rules around intestacy are different depending on which state or territory you live in, most commonly, an intestate estate is simply divided among any surviving spouses, de-factos and children. If there are no immediate family members to allocate to, more distant relatives will receive portions of your estate.

If there are no distant relatives or close friends, your Will is likely to be passed to your state or territory government under Succession Law. This means that without a Will you won’t have a say in who benefits from your legacy, which can lead to family disputes or your wealth being used in ways that don’t reflect the values you carried through life.

We are so happy to hear that you would like to include Oxfam in your Will. Here’s what to do next:

• Decide on the type of bequest (see Types of bequests).
• Find a solicitor in your area if you need advice, or write a Will online with safewill.com/oxfam or willed.com.au/oxfam
• Ensure you use the recommended wording for your bequest (see Legal help with a bequest).
• Email or call to let us know or to ask any questions. We’d love to hear of your bequest to remove you from future bequest marketing — and to say thank you!