A consideration to leaving a gift to Metro Arts in your Will is a powerful way of ensuring your love of contemporary arts is supported now and into the future.
There are four main types of bequests a donor can leave in their Will:
This is the remainder of the donor’s estate after first leaving gifts to their loved ones. A residual bequest will keep up with inflation.
- Percentage or fractional
This is a gift expressed as a percentage or fraction of the donor’s estate. Again, these gifts aren’t influenced by inflation. Donors can leave a percentage of either the residue of their estate or a percentage of the entire estate.
- Pecuniary or specific
This is a specified gift which can be money, property or stocks and shares.
- Whole estate
This comprises the donor’s entire estate and is usually left by those wanting to achieve something very significant with their gift or without family or other preferred beneficiaries.
- A bequest may be given freely which means the recipient organisation can choose to deal with it as it sees fit within the aims of the organisation, or it may be given with conditions which must be honoured.
- There is no need to notify Metro Arts of a bequest in your Will, however we welcome discussion if there are specific conditions to a gift to ensure it can be carried out as wished.
Suggested wording to leave a bequest in your Will
Should you decide to leave Metro Arts a bequest, a clause can be inserted in your Will using the following words:
“I give to Metro Arts Ltd (ABN 29 010 100 482), or any successor organisation, of 111 Boundary Street, West End in the State of Queensland, in aid of a) its general purposes OR b) the specific purpose of [insert here] and free from all debts (secured and unsecured) and all duties and taxes (whether federal or state) payable in respect of my estate,
- __ % of the residue or
- the sum of $________ or
- specified items ___________ (e.g. personal possessions, land, life insurance policy etc.) or
- all my property known as [PROPERTY FOLIO NUMBER] situated at [ADDRESS OF PROPERTY] or
- in any of my nominated beneficiaries predecease me, the bequest shall not fail but I give the share of my deceased beneficiary to Metro Arts
and I DECLARE that the receipt of an authorised officer of Metro Arts shall be a full and sufficient discharge to my Executors for my bequest.”