Thank you for thinking about how you can help children around the world with your Will. It’s an incredibly special thing that anyone can do. Whatever gift you can afford, we will make sure to spend it wisely on research projects that will have the greatest impact on the health of children in the future.
Whether you’re planning your first Will or want to update one you already have, it’s easy to include a gift for Murdoch Children’s Research Institute. It’s best to visit a legal adviser so that your wishes for family, friends and your favourite charities can be clearly understood.
Here are some steps to get you started.
Your Will is a chance to remember the people and causes that mean the most to you. We also hope, that after taking care of your loved ones, you’ll consider giving some of what is left to the Murdoch Children’s Research Institute. Gifts from people like you are absolutely vital so that our research keeps making life better for sick children in the future.
There are a number of ways you can include a gift in your Will. We receive all types of gifts from generous, every day Australians and are very grateful for every single one.
- A residuary gift (a share of your estate)
After you have provided for your loved ones you can choose to leave part of what is left to the Murdoch Children’s Research Institute – from one to one hundred percent. This type of gift will not be affected by inflation and is the most valuable way to give to us in your Will.
- A pecuniary gift (a set sum of money)
This is a gift of a specific dollar amount from your estate. You should be aware that the value of this gift may change significantly over time due to inflation.
- A specific gift (a named item)
A named item such as a residential house, commercial real estate or company shares. You can even name Murdoch Children’s Research Institute as the beneficiary of a life insurance policy or superannuation.
- Other gifts
We recommend talking to a solicitor if you’re interested in other types of gifts such as gifts in trusts, life interests and conditional gifts as it is important to get the wording for these gifts correct so that your wishes may be carried out as you have intended.
You should always ask for advice from a legal professional when making or updating your Will. That way you can be sure your wishes are recorded correctly and are legally binding.
It’s a good idea to be prepared before you meet with your solicitor for Will-making advice. Below are some things to think about and take with you.
Add a gift to an existing Will
You can still help children with a gift to MCRI by adding a codicil to your existing Will. A solicitor can help you do this. It is important not to write on an existing Will or physically attach a codicil to your Will as this may make it invalid.
Making the most of your gift
To make the most of your gift to MCRI it may be useful to discuss the following with your solicitor.
Superannuation can be one of the largest assets you have but it does not automatically become part of your estate. If you would like to give your superannuation balance to MCRI you can arrange for it to be paid to your estate and then distributed in accordance with your Will. Please seek advice from your solicitor about this.
You can instruct your executors to transfer assets (such as shares) directly to us “in specie” rather than selling your assets and sending the proceeds. Because we have Deductible Gift Recipient (DGR) status these assets can be transferred to us without tax being paid on the capital gains. This means that more of your gift will be able to be spent on saving children’s lives in the future. Speak to your solicitor if you are interested in this option.
We find that most families are very proud when their loved ones think of making a difference to children’s lives with their Wills. It is still important to tell your family about why you are remembering MCRI in your Will so that your final wishes can be carried out as you would like.
It would also be very helpful if you could let us know about your plans. That way, we can keep you connected to the amazing progress that is being made and the impact that your gift will have on the future health of children.