NSFT Guide to Your Will
Your will can help can help build a better future for Australia’s most vulnerable seniors.
“What you have to do and the way you have to do it is incredibly simple. Whether you are willing to do it, that’s another matter” Peter F. Drucker
There are many charities in Australia that do excellent work. Many have made a positive impact on the lives of needy Australians. However it is the work of the National Seniors Foundation Trust that
seeks to improve the quality of life of all Australians as they age by fostering independence, purpose and dignity that makes National Seniors Foundation Trust uniquely different.
A Bequest to National Seniors Foundation Trust will ensure that our important work of supporting Australia’s most vulnerable seniors through our numerous community service programs, grants and health
education will be maintained into the future.
National Seniors Foundation Trust is a registered charity and was founded in 1983 as a community service initiative of National Seniors, Australia’s independent membership, advocacy and community
service organisation for seniors.
To help build a better future National Seniors Foundation Trust relies on the generosity of our members and the community who value the Foundations Trusts work.
As a member of National Seniors, I urge you to support our Foundation Trust. I would encourage all members to support the Foundation Trust as part of their Bequest planning when making or altering their Will.
Best wishes
My research shows that everyone who is loved by someone leaves a legacy in some form. However few will experience the satisfaction that comes from taking the time to structure a living legacy. It is a way to transfer your important values to others. So what is your legacy?
Your legacy is the sum of your life, so far. Your financial assets, your personal assets, your stories, gifts and life experiences. We are all unique in many different ways and even the most humble of us are influential in the life of someone else.
To create a living legacy, you need to start with what is most important to you. What you value as important. Then you need to decide who is important to you and as well possibly who you could assist. Then you build an open dialogue sharing your ideas and values and checking they have been understood. It is not easy to do but ultimately it is empowering and personally rewarding.
Creating a living legacy allows you to gradually pass on your values, your beliefs and philosophies in a purposeful way to people or organisations that are meaningful to you.
"One hundred years from now, it will not matter what my bank account was, or how big my house was, or what kind of car I drove, but the world may be a better place because I was important in the life of another.” Forrest Whitcraft
“I know I have to do a Will but not now. I’ll do it later; I have too much on my mind at the moment” Dangerous words.
These documents have nothing to do with dying!
A Will is a set of directions to help your friends and relatives. It’s a document which ensures that the things you’ve spent a lifetime gathering, go where you want them to go.
If you put it off and die without a Will, your affairs can be left in disarray, leaving those closest to you with the cost and heartache of cleaning up the mess.
If you die without a current Will or without one at all, the government determines who gets your belongings, according to a set of rules called the Intestacy Rules. These rules often do not send your assets in the direction you would think. Trusting your assets to the government rules is not a good strategy.
Once you start to see doing a Will as a housekeeping matter which will help your friends and relatives and will protect your assets, this takes on a whole new urgency.
Most law firms will store your Will at no costs so it isn’t damaged and National Seniors can keep a record of where it is in our Wills register.
This simple and inexpensive process can keep your loved ones from more stress at a time of great sadness.
You can do your own Will but if you make a mistake in complying with the law, your relatives will have to pay from your assets after your death to correct it. A law firm has insurance to rectify any errors in you Will and the additional cost in having the job done professionally is not significant.
This person can be a trusted friend, spouse, partner or relative. It is a method of allowing someone to handle your affairs if you go overseas, take an extended holiday, suffer from poor health or reach an age when you need greater assistance.
These days with all of us living longer and medical treatment being so effective, a Power of Attorney is just as important as a Will.
If you have a major medical emergency, chances are you will survive it. You probably however will be unable to do the things you normally do. Simple things like pay your bills, check on investments and buy and sell things at critical times. You need to have a plan so that if necessary, someone you trust can make these decisions for you while you’re laid up.
If you become unable to manage your affairs temporarily or permanently, you want someone close to you (rather than the Public Trustee), looking after your interests and properly authorized to make decisions. A Power of Attorney will do this. This document should be done at the time you make your Will and is similarly simply and inexpensive.
These legal documents are important as they protect your interests in the event that you lose the ability to make your own decisions and when you pass away, they ensure that your wishes are fulfilled both for yourself (in the case of a Power of Attorney) and for your loved ones.
Strict rules and regulations apply but in simple terms, gifts including property, shares and monetary contributions to the PPF are tax deductible and these are managed in a tax free environment in the PPF. Beneficiaries of the PPF can only be qualifying charities with a DGR status. PPF’s must have an approved plan to follow which can include the accumulation of funds for up to 10 years. PPF’s may last for
up to 80 years.
Family Foundations and PPF’s are ways for you to create living legacies, to directly benefit different charities by involving who is important to you, while passing on what is important to you.
Thanks largely to the gift of living longer, we find we have an extra decade or two of life — to set new goals, enjoy life, and get another chance to make a difference and create a meaningful legacy.
As a spearhead for change, National Seniors Foundation Trust is helping to build a better future — a bridge across the generations.
Through our research and education campaigns, partnering with researchers and government, leading cancer educators, GPs and medical professional bodies, National Seniors Foundation Trust is helping Australians to age well and successfully.
A gift to National Seniors Foundation Trust — now, or planned in the future as a bequest in your Will — is a chance to share what you know, what you’ve learned about life and make a real difference in the lives of senior Australians.
“The best way to predict the future is to create it” Peter Drucker, management thinker (b.1909)
“We don’t stop playing because we grow old; we grow old because we stop playing” George Bernard Shaw
Bequest Wording
I direct that the receipt of a proper officer of National Seniors Foundation Trust shall constitute a full and sufficient discharge to my executors and trustees.
I direct that the receipt of a proper officer of National Seniors Foundation Trust shall constitute a full and sufficient discharge to my executors and trustees.
I direct that the receipt of a proper officer of National Seniors Foundation Trust shall constitute a full and sufficient discharge to my executors and trustees.
The Foundation Trust chose to name this group the Benefactors Circle because this group is not only special but connects today with the future and will have an on going impact on the lives of senior Australians. Our support of senior Australians will never cease. As with a circle there is no ending to what we do.
There is no obligation on you as a member of the Benefactors circle except to let us know that you have left a Bequest to National Seniors Foundation Trust in your Will.
If you wish to leave a Bequest and not join the Benefactors Circle, this is quite acceptable. However we would be pleased to welcome you as a member.
“Ageing is not ‘lost youth’ but a new stage of opportunity and strength” Betty Friedan
For further information about leaving a Bequest to National Seniors Foundation Trust:
“What you have to do and the way you have to do it is incredibly simple. Whether you are willing to do it, that’s another matter” Peter F. Drucker
A Message from the Chairman of National Seniors Foundation Trust
We all know that National Seniors Foundation Trust is a unique charity.There are many charities in Australia that do excellent work. Many have made a positive impact on the lives of needy Australians. However it is the work of the National Seniors Foundation Trust that
seeks to improve the quality of life of all Australians as they age by fostering independence, purpose and dignity that makes National Seniors Foundation Trust uniquely different.
A Bequest to National Seniors Foundation Trust will ensure that our important work of supporting Australia’s most vulnerable seniors through our numerous community service programs, grants and health
education will be maintained into the future.
National Seniors Foundation Trust is a registered charity and was founded in 1983 as a community service initiative of National Seniors, Australia’s independent membership, advocacy and community
service organisation for seniors.
To help build a better future National Seniors Foundation Trust relies on the generosity of our members and the community who value the Foundations Trusts work.
As a member of National Seniors, I urge you to support our Foundation Trust. I would encourage all members to support the Foundation Trust as part of their Bequest planning when making or altering their Will.
Best wishes
Rex Freudenberg - Chairman National Seniors Foundation Trust
Your Living Legacy
"We have all benefited from the shade of trees we did not plant. Perhaps it is our turn to plant ideas and programs that benefit others" Dr Robb MusgraveMy research shows that everyone who is loved by someone leaves a legacy in some form. However few will experience the satisfaction that comes from taking the time to structure a living legacy. It is a way to transfer your important values to others. So what is your legacy?
Your legacy is the sum of your life, so far. Your financial assets, your personal assets, your stories, gifts and life experiences. We are all unique in many different ways and even the most humble of us are influential in the life of someone else.
To create a living legacy, you need to start with what is most important to you. What you value as important. Then you need to decide who is important to you and as well possibly who you could assist. Then you build an open dialogue sharing your ideas and values and checking they have been understood. It is not easy to do but ultimately it is empowering and personally rewarding.
Creating a living legacy allows you to gradually pass on your values, your beliefs and philosophies in a purposeful way to people or organisations that are meaningful to you.
Dr Robb Musgrave MBA, PhD is at www.legenis.com and helps individuals create unique living legacies and assists to deliver on practical ways for charitable intentions.
"One hundred years from now, it will not matter what my bank account was, or how big my house was, or what kind of car I drove, but the world may be a better place because I was important in the life of another.” Forrest Whitcraft
“I know I have to do a Will but not now. I’ll do it later; I have too much on my mind at the moment” Dangerous words.
Why Wills and Powers of Attorney are Important
People put off doing a Will because they wrongly assume it involves thinking about dying.These documents have nothing to do with dying!
A Will is a set of directions to help your friends and relatives. It’s a document which ensures that the things you’ve spent a lifetime gathering, go where you want them to go.
If you put it off and die without a Will, your affairs can be left in disarray, leaving those closest to you with the cost and heartache of cleaning up the mess.
If you die without a current Will or without one at all, the government determines who gets your belongings, according to a set of rules called the Intestacy Rules. These rules often do not send your assets in the direction you would think. Trusting your assets to the government rules is not a good strategy.
Once you start to see doing a Will as a housekeeping matter which will help your friends and relatives and will protect your assets, this takes on a whole new urgency.
Most law firms will store your Will at no costs so it isn’t damaged and National Seniors can keep a record of where it is in our Wills register.
This simple and inexpensive process can keep your loved ones from more stress at a time of great sadness.
You can do your own Will but if you make a mistake in complying with the law, your relatives will have to pay from your assets after your death to correct it. A law firm has insurance to rectify any errors in you Will and the additional cost in having the job done professionally is not significant.
Powers of Attorney
A Power of Attorney is a legal document authorising another person to act on your behalf in relation to your financial and personal health matters.This person can be a trusted friend, spouse, partner or relative. It is a method of allowing someone to handle your affairs if you go overseas, take an extended holiday, suffer from poor health or reach an age when you need greater assistance.
These days with all of us living longer and medical treatment being so effective, a Power of Attorney is just as important as a Will.
If you have a major medical emergency, chances are you will survive it. You probably however will be unable to do the things you normally do. Simple things like pay your bills, check on investments and buy and sell things at critical times. You need to have a plan so that if necessary, someone you trust can make these decisions for you while you’re laid up.
If you become unable to manage your affairs temporarily or permanently, you want someone close to you (rather than the Public Trustee), looking after your interests and properly authorized to make decisions. A Power of Attorney will do this. This document should be done at the time you make your Will and is similarly simply and inexpensive.
These legal documents are important as they protect your interests in the event that you lose the ability to make your own decisions and when you pass away, they ensure that your wishes are fulfilled both for yourself (in the case of a Power of Attorney) and for your loved ones.
Family Foundations and Prescribed Private Funds (PPF’s)
Since 2001 regulations have been changed to allow individuals, families and companies to set up Family Foundations and PPF’s to benefit charities in a structured and controlled way over the longer term.Strict rules and regulations apply but in simple terms, gifts including property, shares and monetary contributions to the PPF are tax deductible and these are managed in a tax free environment in the PPF. Beneficiaries of the PPF can only be qualifying charities with a DGR status. PPF’s must have an approved plan to follow which can include the accumulation of funds for up to 10 years. PPF’s may last for
up to 80 years.
Family Foundations and PPF’s are ways for you to create living legacies, to directly benefit different charities by involving who is important to you, while passing on what is important to you.
Why include a Bequest to National Seniors Foundation Trust in your Will
Life is a constant journey and our circumstances change from time to time. We make adjustments to our daily life but often forget or put off making changes to our forward plans like reviewing an earlier Will or actually making your first Will.Thanks largely to the gift of living longer, we find we have an extra decade or two of life — to set new goals, enjoy life, and get another chance to make a difference and create a meaningful legacy.
As a spearhead for change, National Seniors Foundation Trust is helping to build a better future — a bridge across the generations.
Through our research and education campaigns, partnering with researchers and government, leading cancer educators, GPs and medical professional bodies, National Seniors Foundation Trust is helping Australians to age well and successfully.
A gift to National Seniors Foundation Trust — now, or planned in the future as a bequest in your Will — is a chance to share what you know, what you’ve learned about life and make a real difference in the lives of senior Australians.
“The best way to predict the future is to create it” Peter Drucker, management thinker (b.1909)
Information for your Solicitor
National Seniors Foundation Trust is a registered charity and donations are tax deductible. National Seniors Foundation Trust is an endorsed charity for tax concessions:- Income tax exemption from 16 February 2007 under subdivision 50-B of the Income Tax Assessment Act 1997
- GST concessions from 16 February 2007 under Division 176 of A New TaxSystem (Goods and Services Tax) Act 1999
- FBT rebate from 1 July 2005 under section 123E of the Fringe Benefits Tax Assessment Act 1986
“We don’t stop playing because we grow old; we grow old because we stop playing” George Bernard Shaw
Bequest Wording
Suggested Forms of Bequest
Your solicitor or Trustee Company will explain the procedures for making a Bequest. To assist them, National Seniors Foundation Trust recommends the inclusion of one the following paragraphs in your Will:For a Specific Bequest
I give and bequeath to NATIONAL SENIORS FOUNDATION TRUST (ABN 38 185 578 291) registered office Level 7, 243 Edward Street, Brisbane, Qld the sum of $___ free from all duties, to be applied for the general charitable purposes of the Foundation Trust.I direct that the receipt of a proper officer of National Seniors Foundation Trust shall constitute a full and sufficient discharge to my executors and trustees.
For a Residual Bequest
I give and bequeath to NATIONAL SENIORS FOUNDATION TRUST (ABN 38 185 578 291) registered office Level 7, 243 Edward Street, Brisbane, Qld the rest and residue of my estate, free from all duties, to be applied for the general charitable purposes of the Foundation Trust.I direct that the receipt of a proper officer of National Seniors Foundation Trust shall constitute a full and sufficient discharge to my executors and trustees.
For a Percentage of Your Estate
I give and bequeath to NATIONAL SENIORS FOUNDATION TRUST (ABN 38 185 578 291) registered office Level 7, 243 Edward Street, Brisbane, Qld _____ percent of my estate, free from all duties, to be applied for the general charitable purposes of the Foundation Trust.I direct that the receipt of a proper officer of National Seniors Foundation Trust shall constitute a full and sufficient discharge to my executors and trustees.
The Benefactors Circle
Notify the Foundation Trust that you have decided to leave a Bequest in your Will to National Seniors Foundation Trust and you will then be invited to join the Benefactors Circle.The Foundation Trust chose to name this group the Benefactors Circle because this group is not only special but connects today with the future and will have an on going impact on the lives of senior Australians. Our support of senior Australians will never cease. As with a circle there is no ending to what we do.
Members of the Benefactors Circle are special people
The Circle will hold periodic gatherings, exclusively for members, so you can meet one another and share life’s experiences and learn about future plans for National Seniors Foundation Trust. You will be invited to Foundation Trust and National Seniors events and be presented with an exclusive pin that you can wear proudly.There is no obligation on you as a member of the Benefactors circle except to let us know that you have left a Bequest to National Seniors Foundation Trust in your Will.
If you wish to leave a Bequest and not join the Benefactors Circle, this is quite acceptable. However we would be pleased to welcome you as a member.
National Seniors Foundation Trust seeks to improve the quality of life of Australians as they age by fostering independence, dignity and purpose for seniors We can’t do this alone.
“Ageing is not ‘lost youth’ but a new stage of opportunity and strength” Betty Friedan
© National Seniors Foundation Trust 2009
This work is copyright. Apart from any use permitted under the Copyright Act 1968, no part may be reproduced by any process, nor may any other exclusive right be exercised, without the permission of National Seniors Foundation Trust. GPO Box 1450, Brisbane Qld 4001.
This work is copyright. Apart from any use permitted under the Copyright Act 1968, no part may be reproduced by any process, nor may any other exclusive right be exercised, without the permission of National Seniors Foundation Trust. GPO Box 1450, Brisbane Qld 4001.
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