Gifts in Wills and Bequests
A gift to the University from a donor’s estate, as specified in their Will, is called a bequest.
When planning to leave a gift to the University in a Will, the donor may consider different types of gifts including:
- a residuary bequest, where the donor allocates a percentage of their residuary estate; or
- a specific bequest, where the donor allocates a specified sum or specified asset (such as property, artwork or a musical instrument).
A member of the University’s Gifts in Wills team is available to discuss the donor’s wishes with them, to identify the impact that the donor wishes their gift to have, and the proposed direction of the bequest. Together, we take into account the donor’s wishes, and the current needs and future priorities of the University. More information is available on our Gifts in Wills web page.
A suggested Will clause can be provided upon request. Donors then instruct their solicitor or lawyer to prepare a Will that records the gift and its purpose. Where an unusual or complex gift is proposed, the Gifts in Wills team may arrange for the University’s Legal Services to assist with this process.
The University cannot provide donors with any legal or tax advice regarding a proposed bequest. Referrals for advice can be obtained from:
Suggested Will clauses
To assist donors and their solicitors or lawyers, the University suggests the following Will clauses:
- For the general purposes of the University:
“I give [percentage of my residuary estate / specific $ amount / specified asset] ('the bequest') to The University of Melbourne of Grattan Street, Parkville, Victoria ABN 84 002 705 224 ('the University'), for the general purposes of the University. The bequest is to be acknowledged as being from ‘The Estate of [insert name]’.” - For a specific purpose:
“I give [percentage of my residuary estate / specific $ amount / specified asset] ('the bequest') to The University of Melbourne of Grattan Street, Parkville, Victoria ABN 84 002 705 224 ('the University'). It is my preference that the bequest supports [insert purpose, e.g., scholarships for students in financial need / the University libraries / the Melbourne Medical School (or its successor) etc.] at the University. The bequest is to be acknowledged as being from ‘The Estate of [insert name]’.” - Where a donor’s Will allocates a specific $ amount to the University, the Will should include the following inflation clause:
“The said pecuniary legacy is to be adjusted for inflation from the date of this Will to the date of my death according to the movement of the CPI between those two dates. CPI for the purposes of this Will means the Consumer Price Index All Groups, Weighted Average of Eight Capital Cities of Australia. If the CPI is no longer current at the date of my death and another index is then current, my Executor must compare the indices at the date of this Will to the date of my death and adjust the amount of the gift to take account of inflation.”
These clauses are samples only and may not be suitable for the particular purpose under consideration. Donors should get their own independent legal advice regarding the specific terms of their Will. They should also contact the Gifts in Wills team if they wish to discuss a specific purpose for their gift.
Notes for solicitors/Will drafters
As the University is a charitable institution, there is no need for the Will clause to:
- state ‘… and I declare that the receipt of the Vice-Chancellor or other proper officer of the University will be a good and sufficient discharge to my trustees and that my trustees will not be obliged to see to the application of the gift’. [See section 6 of the Charities Act 1978(Vic)];
- specify a particular manner or form of investment for a bequest to the University, as section 40 of the University of Melbourne Act 2009 (Vic) permits the University to invest endowment funds in the manner authorised by the Trustee Act 1958 (Vic); or
- specify that, where a perpetual charitable trust is created, a portion of income be retained to protect against capital depreciation, as section 39(1) of theUniversity of Melbourne Act 2009(Vic) permits the addition of a portion of income from an investment pool to be added to the capital of the pool ‘as a provision against depreciation or reduction in income’.
For Gifts in Wills and Bequest enquiries
Senior Gifts in Wills Managers
Dr Jennifer Henry and Rob Harris
Estates Coordinator
Elizabeth Mucha
Phone
bequests-office@unimelb.edu.au
Address
Advancement office
The University of Melbourne VIC, 3010
Australia