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A gift in your Will (also known as a bequest) is a donation made as part of your overall financial or estate planning after your passing. It's a wonderful and generous way to make a difference in an area you've been passionate about during your lifetime.
Through making a gift in your Will to Deakin, you can support a young person's education through a scholarship, or contribute to important new discoveries and innovation via groundbreaking research. The act of leaving a gift in your Will:
- costs nothing extra to include when writing up
- is flexible and easy to update if you have a pre-existing Will
- gives you the choice of how and where you would like your gift applied
- gives you exclusive membership to the Deakin Legacy Society (PDF, 614KB).
Creating your own Will
Should you choose to create your own Will, there are now some easy and affordable options online. Deakin has recently partnered with Safewill to offer a special discount to our alumni and friends.
Types of gifts
At Deakin, we appreciate the significance of your gift and understand that choosing how you'd like to create a lasting legacy will be one of the most important decisions you'll ever make. This is why we work closely with you to ensure the gift in your Will establishes the kind of meaningful impact you intended. There are four main types of gifts you can leave in your Will:
One of the most common ways to leave a charitable gift, a residual gift is the remainder of your Estate after first leaving gifts to your loved ones and payment of any financial commitments, funeral arrangements, etc.
Percentage or fractional
A gift expressed as a percentage or fraction of your Estate. Dividing your Estate by a percentage or fraction takes into account the changing value of your Estate: this could be due to factors such as inflation, property fluctuations and changes to the composition of your Estate over time.
This comprises your entire Estate and is usually left by those without family or other preferred beneficiaries, or those wanting to achieve something very significant with their gift.
Pecuniary or specific
Another common way to leave a charitable gift, a pecuniary or specific gift clearly specifies the donation: it can be money, property, stocks and/or shares.
The experience so far has been very positive. Our contacts at Deakin have kept us in the loop with things related to the scholarship and have also embraced us into the University community. Quite an achievement considering we live in Sydney. This has generated a feeling of trust that makes us feel comfortable about how the bequest will be managed in the future.
Dennis and Rosemary Holloway
The Cody Holloway Scholarship and Gift in Will donors
Preparing your Will
Making a Will is the only way you can be sure your wishes will be followed after you pass. It also means less confusion and heartache for your loved ones in their time of grief. If you don't make a Will, there's a chance part or all of your Estate could be disputed and, as a result, end up being distributed to individuals you never intended to benefit.
By engaging a professional, such as a solicitor or public trustee with extensive experience in writing a Will, you can be confident that your Will covers all important aspects and considerations. You can find a legal professional through the Law Society or Institute in your state or territory.
If you have an existing Will, you can add a codicil (a legal provision) to include a bequest to Deakin. If you're preparing a new Will, you can include one of the sample clauses below, or draft a specific clause. Our Gifts in Will Coordinator can discuss more specific bequest language with you, if required.
Before you include your preferred clause to your current Will, you should seek independent legal advice regarding how the new wording will affect your will generally.
A gift for general purposes
I give and bequeath to Deakin University ABN 56 721 584 203, 1 Gheringhap Street, Geelong, Victoria, 3220 (the whole of my estate) or (a percentage of my estate) or (a $ amount) to be used for general purposes.
A gift for a specific purpose
I give and bequeath to Deakin University ABN 56 721 584 203, 1 Gheringhap Street, Geelong, Victoria, 3220 (the whole of my estate) or (a percentage of my estate) or (a $ amount) to be used for (state purpose as widely as possible). If at any time Deakin University determines that it is impossible or impracticable to carry out the stated purpose then Deakin University may apply the income of the bequest for such a purpose or purposes as Deakin University determines most closely accords with the stated purpose.
Creation of Trust or Scholarship Fund
I give and bequeath to Deakin University ABN 56 721 584 203, 1 Gheringhap Street, Geelong, Victoria, 3220 (the whole of my estate) or (a percentage of my estate) or (a $ amount) to be used for the creation of the ### Scholarship (or trust). If at any time Deakin University determines that it is impossible or impracticable to carry out the stated purpose then Deakin University may apply the income of the bequest for such a purpose or purposes as Deakin University determines most closely accords with the stated purpose.