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LEGACIES |
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What is a
legacy? A legacy is a bequest of money or property by means of a will. In what forms
do legacies come? The most common forms of legacies are: A specific gift e.g. property, paintings, jewellery, land, a house. A pecuniary legacy - a specific sum of money e.g. $,1000, £1000 A
residuary legacy - predetermined percentage of the remainder
of
your estate, after all other debts,
expenses and bequests have
been satisfied. Note# A percentage of your estate may better reflect your wishes because a fixed sum legacy will be subject to inflation and as the years pass will almost certainly decline in value. The wording
of your will GLOBAL ACTION strongly recommends that the documents detailing your bequest is drawn up by a qualified solicitor or suitable legal practitioner. Tax benefits
of a legacy The
law varies widely from country to country with regard to the tax
position on gifts and
legacies and it is prudent if considering large bequests to consult
your financial and legal advisors first to obtain the best outcome for
all parties. It is important that your solicitor or legal representative refers to the following specific wording when leaving a gift to Global Action, to be sure there are no misunderstandings about your intention in your will. To will a
specific item of property I
give to To will a
specific sum of money. I
give to a political organisation the sum of [clearly write the amount in figures and in words in the financial currency of your bequest] to be applied by Global Action (Australia) for its political purposes as detailed in its constitution, and I direct that the duly and correctly recorded receipt of Global Action (Australia) shall be sufficient discharge to my executors. To leave a share of your estate I
give all / a share [please state the percentage or fraction] of the
residue of my estate
absolutely to
Other donation options are: ONE
OFF DONATION |
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