A gift after the donor's death
This form of gift is often described as a bequest.
A donor may wish to make a gift to the University from his or her estate, by specifying that gift in his or her Will. A gift made by a Will is called a bequest.
When making a bequest to the University by a Will, there are two types of gift:
- a residuary bequest, where the donor bequeaths (gives) a portion of his or her residuary estate; or
- a specific bequest, where the donor bequeaths (gives) a specified sum (called a legacy) or a specified asset.
Advancement staff will liaise with the donor to identify the purpose for which the bequest is to be made, taking into account the current needs and priorities of the University, and also taking into account the future plans of the University.
The donor must then instruct his or her solicitor to prepare a Will that records the gift and its purpose, describing the purpose in a way that ensures that the donor's wishes can always be implemented by the University, even if there are changes to the content or structure of a particular course, or if there are changes to the research priorities of the University.
Where an unusual or complex gift is proposed, the Advancement staff will arrange for the Trusts Group to assist with this process.
The University cannot advise a donor regarding the legal or taxation aspects of any proposed bequest.
Before changing his or her Will to leave a bequest to the University a donor should, therefore, seek independent advice, including legal advice.
A donor needing advice regarding the legal aspects of a proposed bequest, may wish to contact the Law Institute of Victoria to obtain a referral to a solicitor with relevant expertise. A donor needing advice regarding the taxation aspects of a proposed bequest, may wish to contact CPA Australia or the Institute of Chartered Accountants to obtain a referral to an accountant with relevant expertise.