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Preparing Your Will a simple guide
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“Now the strongest bond of true friendship is charity, and the exercise of good charity is the practice of good works.� Blessed Frederic Ozanam Founder, St Vincent de Paul Society 2
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Signposts
to Peace of Mind
We have provided this booklet to give you clear ‘signposts’ to follow on the road to peace of mind. We all know the feeling of being lost in a big town or city and how we rely on signposts to point us in the right direction towards our destination. The various signposts in this booklet are designed to do just that… point you in the right direction by putting your legal and financial matters in order.
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PLAN
MAP
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Signpost 1
The Way to Plan Ahead
Signpost 2 Mapping Your Assets
Signpost 3
Directing Your Assets to a Great Cause
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PLAN
Signpost 1 The Way to Plan Ahead
Where are YOU now? Do you have a valid Will? When was your Will last reviewed? Does it still reflect accurately how you want your assets distributed when you die? Is it in a safe place where your family can find it?
Where YOU need to be. The simple fact is that you must have a current and legal Will, located in a safe place with all your wishes clearly stated. Only then will you have peace of mind. The first step is to have your Will prepared as soon as possible. Hopefully it will not be activated for some time but it is wise to be prepared. 5
What is a Will? A Will is a written instrument by which a person disposes of assets at death. The Will must meet certain legal requirements. With a valid legal Will you decide what will happen to your assets, or your estate. Your estate is made up of items such as your home, car and bank accounts.
The benefits of having a Will More than 50% of people in Australia die without a valid Will. Without a Will their hard earned assets are distributed according to the laws of the State. A Will allows your executor to: • Divide your estate as you choose between family, friends and community organisations like the St Vincent de Paul Society • Carry out your wishes • Arrange for the guardianship of minor children • Give effect to your preferences for burial or cremation and any other instructions, such as organ donation Most Wills are simple, quick and often inexpensive to make. 6
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When should I make a Will? Start the process today as any delay could leave your family with additional expenses or distress in the settlement of your estate. This is one task that should never be left to another day. If you are not sure where to start give our helpful Bequest Team a call on (02) 9560 8666 and they will be able to assist you. They can provide you with a list of solicitors and trustee companies.
Who should prepare my Will?
Always consult a legal professional as home-made Wills often lead to problems down the track. By consulting a Solicitor, Public Trustee or Trustee Company you ensure that your Will is legal and does what you want it to do. Your Will is an important legal document and should be carefully planned, drawn up and executed to ensure that your wishes will be effectively carried out. It is advisable to have your Will checked every few years by a legal professional to ensure that its contents remain current, as your circumstances may change. A marriage revokes a Will. A change in your financial or property status or your desire to include a charity like St Vincent de Paul Society in your Will may also require a change in your existing Will. If you wish to add a gift in your Will to the Society our Bequest Team can put you in touch with solicitors and trustee companies who will be able to assist you with your changes. 7
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Signpost 2 Mapping Your Assets
Before you finalise your affairs you should review your situation by completing the following checklist to ensure you are heading in the right direction. My Will has been drafted by a legal professional and executed correctly My Will is current and up to date Date of last review…………………………… I have appointed an Executor An Executor is a person appointed in your Will to see that your wishes are carried out My dependants are all catered for in my Will My intentions are clearly stated in my Will I have made provision for my debts to be paid directly from my estate I have nominated guardians for my minor children My Will has been witnessed by two people at the time of signing My Will is stored in a safe place I have informed my executor where my Will is located I will consider remembering the St Vincent de Paul Society in my Will
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My Personal Information Register The St Vincent de Paul Society Bequest Team can further help you with this process by providing you with a valuable tool called ‘My Personal Information Register’. This handy booklet, sent to you free of charge, allows you to fill in your personal details and records so that you or your personal representative will know who to contact and where to find your important papers. It also allows you to record your financial worth. Many people have found it helpful to systematically list all their personal details and locate them within one document. Please call us on (02) 9560 8666 and we will be delighted to provide you with a copy.
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DIRECT
Signpost 3 Directing Your Assets to a Great Cause After you have catered for your family and their needs it is an excellent idea to consider those causes close to your heart such as the St Vincent de Paul Society. The remarkable work carried out by the Society for over 128 years, has been aided significantly over the years by generous bequestors. A gift in your Will is a lasting legacy that will do so much for the generations to come. Barry Finch, longtime volunteer from Vinnies Task Force, Redfern, recently said “If you believe in the cause it’s easy to do the voluntary work. I meet a lot of people at the Matthew Talbot Hostel who are facing crises in their lives, including business people, bankers, both young and old. I realise that I could be in that position one day.
Barry Finch, Society Member 10
“I am leaving a gift in my Will because I trust that Vinnies will handle it correctly and it will go to the people it is meant for and not wasted.”
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Helping Others in Your Will 1 2 3 4 5
If you wish to make a bequest to the St Vincent de Paul Society, there are several ways you can do so: You can provide a percentage of your estate, say 25%, to support the Society. If your estate grows or is depleted by inflation or unforeseen circumstances your family and friends or other beneficiaries will not be disadvantaged. Your gift can take effect after the death of your spouse. Your spouse would have use of your estate for as long as he or she lived, then the indicated portion can be distributed to the St Vincent de Paul Society. You can give a specific amount of money, although this does not allow for changes in your circumstances or for inflation. A Residual Gift is a gift from the remainder of the estate after distribution of specific gifts are made to named beneficaries. Particular items such as shares, paintings or property can be left to the St Vincent de Paul Society. To find out more about any of these bequests please give our friendly Bequest Team a call on (02) 9560 8666. 11
Wording your Bequest to the St Vincent de Paul Society It is vital that you provide your legal advisor with the correct wording when you have your Will drafted. The St Vincent de Paul Society Will Clause is as follows: “I bequeath to The Trustees of the Society of St Vincent de Paul (NSW), in aid of:
(a) the charitable works of the Society, or
(b) the charitable works of the Society in ………… (insert particular Diocese, Region) at its
discretion, or
(c)
Matthew Talbot Homeless Services, Talbot Place, Woolloomooloo, or other Special Works • A percentage of my estate • A sum of $..…… • A residual gift • An alternative gift
and I declare that the receipt of the authorised representative of the Society shall be sufficient discharge for my bequest.” 12
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Our Offer to You Should you plan to leave a gift in your Will to the St Vincent de Paul Society, our Bequest Team can provide a list of solicitors and trustee companies who can give independent legal advice to draft a simple Will or update your current Will. No matter what type of bequest you make to the Society, please be assured that it will be used to help people in God’s name. Your lasting gift to the welfare of others will provide a fitting memorial to your generosity.
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Forever Friends The special people we refer to as Forever Friends are those who have advised us they have included a gift in their Will to the St Vincent de Paul Society. We are delighted to call these generous people, friends. If you choose to join our Forever Friends group after leaving a gift in your Will, your name (with your permission) can be inscribed in an honour book which is permanently located in the St Vincent de Paul Society’s Headquarters in Lewisham, Sydney. The pages of the honour book are read by many and the names inscribed are remembered with special prayers. Forever Friends offers us the opportunity to recognise and honour the members during their lifetime when they are able to accept our heartfelt thanks for their kindness and generosity. We are pleased to invite these friends to events and activities so that they can meet and hear about the good works of the St Vincent de Paul Society. In this way, we can say thank you personally for making the very special effort to make a difference in the fight against poverty. 14
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A Final Thought We hope you have found the ‘Signposts’ provided in this booklet helpful as you navigate your way through some of these complex issues. Remember, you need to take the first step – Have a valid Will prepared today. When you have put things in order for the ones you love, and perhaps have provided for the family, friends and charitable work you believe in and support …. you will be rewarded by Peace of Mind.
By leaving a gift to the St Vincent de Paul Society in your Will it helps us feed, clothe, house and assist our brothers and sisters who are in crisis through no fault of their own. Our Bequest Team will be happy to assist you St Vincent de Paul Society NSW PO Box 19 Petersham NSW 2049 Ozanam Village Cnr West & Thomas Streets Lewisham NSW 2049 Tel: (02) 9560 8666 Fax: (02) 9564 6044 Email: info@vinnies.org.au ABN 46 472 591 335
To Donate: 13 18 12 or www.vinnies.org.au
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