Leaving a bequest to the University of Melbourne
Over the past 150 years, bequests have provided funding for teaching and research, library resources and to establish student scholarships, bursaries and prizes. Many of our friends and alumni have chosen to make planned gifts to support education or research; a commitment made in the present, but realised in the future. They are keen to ensure that our graduates and researchers continue to compete with those from the world’s top universities and they want to leave a legacy for this purpose. What is a bequest?A bequest is a gift provided for in an individual’s will. Bequests may involve:
Suggested wording for bequestsThe following simple form of bequest may be adapted by a donor’s legal adviser for inclusion in a will: “I GIVE to the University of Melbourne the whole/proportion of my (residuary) estate and I DIRECT that the receipt of the University of Melbourne be accepted as sufficient discharge for the same.” Directions expressed in general terms such as those above provide an unrestricted bequest, allowing the University flexibility in the application of the future gift. When a specific purpose is designated in the will, the University recommends including a provision which authorises the University Council to apply the bequest to another purpose, if it becomes impractical or impossible to use the bequest for the purpose prescribed in the will. In that case, the following wording would be appropriate: “If at any time, and for whatever reason, it becomes impracticable or impossible for the University to continue to apply the fund for the purpose or purposes directed by me in this my will, then the University Council may apply the income of the fund and, where necessary, the capital, for such other purpose or purposes as the Council determines are most closely in accordance with my directions.” Use of the bequestWhen a benefactor decides to leave a bequest for the University of Melbourne, they may express in their will their wishes for the gift’s future use. It is often beneficial for a benefactor to have a personal discussion with the University's Bequest Manager about a bequest intention to ensure that, in due course, the University will be able to apply the bequest according to the benefactor’s wishes. Prospective benefactors can be assured that all discussions with University staff regarding a bequest intention will be treated in the strictest confidence, and incur no obligation to follow any particular course of action. General, or unrestricted, bequests are those which allow the University to apply the funds to areas of greatest need at the time the gift is received. Unrestricted bequests are especially valuable, as they provide flexibility to respond to changing needs and priorities. These gifts have been used in the past to support priorities such as scholarships, research and library support. Alternatively, a benefactor may prefer to specify the purpose of a bequest by nominating a particular type of initiative or a specific faculty or department which will benefit from the bequest. These bequests go a long way to help strengthen targeted areas of the University. With substantial bequests, the donor or a nominated person may be commemorated in perpetuity through a named chair (professorship), scholarship or other initiative that will significantly enhance the University. The Heritage SocietyThe University welcomes the opportunity to honour and thank benefactors during their lifetime for their intention to support the University in this very special way. In 2006, the Heritage Society was established to acknowledge the generosity of those who have left a bequest to the University of Melbourne. Heritage Society Members are kept informed of University events and offered opportunities to interact with university leaders, academics, students and other Society members at special events. The University encourages those who have included the University of Melbourne in their will to contact the Bequest Manager so their support can be acknowledged and recognised during their lifetime through their membership of the Heritage Society. Those benefactors who have made a bequest and do not wish to become a member of the Heritage Society are also encouraged to inform the Bequest Manager. For further information or a personal discussion, please contact:
Download the Bequests Form (PDF 120KB)
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Suggested wording for bequests Bequests brochure |
