Making a gift to the Law Society of South Australia in your Will is a meaningful way to give back to the legal community through the education of future professionals and leaders. It provides a way to make a significant gift that you may not find possible during your lifetime.
Making a Bequest
A Bequest Clause in your Will to the Law Society of South Australia could include:
• Residual bequest
A residual bequest is one where you provide for your family and friends first and leave what is left – the residue – to the Law Society of South Australia. As your estate increases in value, so does your bequest. You won’t need to remake your Will to compensate, for example, for the effects of inflation
• Property, insurance, shares
The Law Society is able to accept all forms of property and shares and can be the sole beneficiary of a life insurance policy. You may also chose to leave a specific item, such as a painting, books or valuable pieces of furniture.
• Contingency Bequest
Establishing a trust in your Will allows a spouse or other person to use your property and to receive all of the income derived from your estate during their lifetime. When they die, the capital and interest can then be passed on to the Society.
• Specific Sum
A specific cash sum is a common form of bequest but does not allow for inflation. Should you leave a cash sum to the Society, you may like to regularly review your Will.
Suggested Clauses for bequests to the Society:
“I give to the Law Society of South Australia (the sum of $ …………………… or ………………..… % of my estate) to be used in such manner as the Society determines or approves and the receipt of an authorised officer of the Society shall be sufficient discharge to my Trustee, who shall not be bound to see to the application of this gift”.
“I give to the Law Society of South Australia (the sum of $ …………………… or ………………..… % of my estate) and I express the wish, without creating any trust, that this gift be used for (state your preferred use for the gift), and I declare that the receipt of an authorised officer of the Society shall be sufficient discharge to my Trustee, who shall not be bound to see the application of the gift”.
If you are interested in finding out more about contributing to the Society your Will, contact us for a confidential discussion:
Stephen Hodder, Chief Executive
Phone: 8229 0200