Bequests
Introduction
One way that you can support the ongoing work of OML is to leave a Bequest in your Will. If you leave a Bequest in your Will to OML, it will be invested wisely and applied strategically to support Oncology Massage for many years to come.
What types of bequests are there?
There are three common types of bequest that you can leave:
- A Residuary Bequest
- A Pecuniary Bequest
- A Specific Bequest.
What is a Residuary Bequest?
A Residuary Bequest is that part of your estate that remains after claims against the estate and specific, general, or demonstrative legacies and bequests have been satisfied.
What is a Pecuniary Bequest?
A Pecuniary Bequest is a set dollar amount determined by you at the time of drawing up or amending your Will. For example, this might be $500, $5,000, or $50,000.
What is a Specific Bequest?
A Specific Bequest is an item of specific value such as the proceeds of an insurance policy, some shares, or even property. OML will hold or sell these bequests to meet the most pressing needs of the organisation but these are our least preferred form of bequest.
Which type of Bequest should you choose?
OML welcomes all bequests as they make a big difference to those with a history or a diagnosis of cancer. However, we prefer a Pecuniary or a Residuary Bequest.
One of the main benefits of a Residuary Bequest is that you do not have to worry about amending your Will if your financial situation changes. There is simply a larger or smaller Bequest to OML.
In any case, we recommend that you consult your solicitor to see which type of bequest best meets your needs.
How do you word a Bequest in your Will?
When you decide to leave a Bequest, it is important that you use the correct information and appropriate wording in your Will.
Our Details
Oncology Massage Limited
ABN 47 163 001 045
L1, 39 Geils Court, Deakin West, ACT, 2600
For a Residuary Bequest
“I devise and bequeath to Oncology Massage Limited – ABN 47 163 001 045, of 39 Geils Court, Deakin West, ACT, 2600 – free of all taxes and other duties, the rest and residue of my estate to be used for the general purpose of Oncology Massage Limited, and the receipt of the Executive Director or other proper officer of Oncology Massage Limited at the time shall be sufficient discharge to my Trustee.”
For a Pecuniary Bequest
“I devise and bequeath the sum of $x,xxx dollars to Oncology Massage Limited – ABN 47 163 001 045, of 39 Geils Court, Deakin West, ACT, 2600 – free of all taxes and other duties, to be used for the general purpose of Oncology Massage Limited, and the receipt of the Executive Director or other proper officer of Oncology Massage Limited at the time shall be sufficient discharge to my Trustee.”
For a Specific Bequest
“I devise and bequeath to Oncology Massage Limited – ABN 47 163 001 045, of 39 Geils Court, Deakin West, ACT, 2600 – free of all taxes and other duties, the following items (please specify) to be used for the general purpose of Oncology Massage Limited, and the receipt of the Executive Director or other proper officer of Oncology Massage Limited at the time shall be sufficient discharge to my Trustee.”
Will Oncology Massage commemorate your Bequest?
If you wish OML to commemorate your Bequest, please contact us and we will work with you to develop a suitable commemorative strategy.
If you do not wish OML to commemorate your Bequest, there is nothing further that you need to do after including the appropriate clause in your Will.
What do I do now?
You are welcome to contact OML for further information, but we strongly recommend that you consult with a solicitor to help you decide the best approach for you.
Updated 15/Dec/2017
