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Making
a Will
Making a Will is an important matter. We strongly recommend that
professional assistance from a legal advisor be sought in all circumstances.
"The
future is too important to be left to chance. We all want our
family and friends to be properly cared for when we are no longer
there to help - that's why making a Will is very important.
You
can help to complete the Cathedral for Brisbane and Australia
so that it will enrich the lives of visitors, both spiritually
and culturally, as well as through community church services marking
great and small occasions.
A
bequest to the National Trust St. John's Cathedral Completion
Fund will be a lasting gift to Australia and a worthy way of commemorating
your life."
John
Alpass
Chairman
National Trust St. John's Cathedral Completion Fundraising Board
Making
a Bequest to the National Trust St. John's Cathedral Completion
Fund
What
is a Will?
A Will is a written direction controlling the disposal of your real
estate, personal property and investments upon your death.
-
A
Will is an important as it sets out how you would like your
assets distributed upon your death.
-
If
you do not make a Will it will be more difficult to distribute
the assets from your estate to those whom you intend to benefit
(Everyone over the age of 18 years should make a Will to prevent
that hardship).
What
is a Bequest?
A bequest is simply a gift made through a Will, which can be worded
to suit your wishes.
The
Residue
When you have provided for your family and friends you may wish
to leave what is left, the residue, to The National Trust St. John's
Cathedral Completion Fund.
A
Percentage
Many people decide to share their Estate between a number of people
and charitable organisations. They find that stating a fraction
or percentage for each one allows for inflation or possible changes
in their Estate.
A
Specific Sum
You may wish to state a specific sum of money. But please remember
that inflation or changes in circumstances may necessitate more
regular reviews of your Will.
An
Asset
You may also wish to leave property to The National Trust St. John's
Cathedral Completion Fund, or works of art or other assets from
your Estate. If you do, you should obtain advice as to the incidence
of capital gains tax payable on the disposal of the asset.
The
legal requirements for making a Will
- You
must be of sound mind and over the age of 18 years.
- The
Will, when prepared, must be signed by you before two adult
witnesses, all being present at the same time and all signing
in each others presence. You should remember that a beneficiary
(or the husband or wife of a beneficiary) should not witness
a Will because this action may void the benefit to them.
- Marriage
revokes a Will. A
new Will should be prepared immediately providing for your spouse.
- Divorce
has no effect on a Will except in the States of Queensland,
New South Wales and Tasmania. If you are domiciled or have assets
in those States and you have divorced, you should seek legal
advice regarding your Will.
- A
Will may be revoked or revised at any time during your lifetime.
- A
Will only takes effect upon death of the Testator (one who makes
the Will).
What
happens when there is no Will?
The estate of that person will then be distributed in accordance
with the laws of intestacy, which are provided under State Government
Parliamentary Acts which vary from State to State. These laws, being
rigid, make no distinction or exception for family circumstances.
In
many situations, the absence of a Will brings about an unplanned
distribution. Some deserving members of your immediate family may
not receive sufficient funds to provide for their needs.
The
Court appoints an Administrator to oversee the distribution as provided
by the Intestacy Laws. The appointed Administrator may not be the
Executor you would have selected if the choice was yours.
You
have that choice when you make a Will.
The
Executor
The Executor is the person named in the Will who has the responsibility
of distributing you assets in accordance with your wishes. Often
the best person to appoint as your Executor is someone who is also
a beneficiary under your Will as they are most likely to monitor
your assets after your death and distribute them as soon as possible.
If
your Executor dies whilst still administering your estate, then
the Executor under your Executor's Will becomes responsible for
administering your Estate.
Maintaining
your Will
You should regularly review your Will to ensure that it represents
your current wishes in changing circumstances, for example -
-
Your
assets may have altered significantly.
-
Beneficiaries
under your Will may have died or there may be certain people
whom you now wish to benefit (eg. grandchildren).
-
You
may marry after you make your Will, which will in most circumstances
invalidate your current Will.
-
You
may have divorced or your spouse may have died.
Common
Terms
Bequest and Legacy
A gift of property (other than real estate) by Will (eg. a cash
amount).
Devise
A gift of real estate by Will.
Executor
The individual appointed under your will who has the duty to carry
out and put into effect the provisions of the Will.
Probate
A certificate granted by the Court to the effect that the last Will
of a deceased person has been provided by the Executor and registered
in the Court. The certificate grants the legal rights to the Executor
to administer the Estate according to the terms of the Will.
Testator
(male), Testatrix (female)
The person who makes a Will.
General
Information
When preparing or reviewing your Will, you should also be aware
of the following:
Joint
Tenancy and Tenancy in Common
Where assets are owned by two persons (eg. the matrimonial home)
as joint tenants, on the death of one, the asset automatically belongs
to the joint tenant. This result cannot be altered. Where assets
are held as tenants in common, on the death of one, their share
becomes part of their estate. The remaining part held by the survivor
is not affected. The Testator's share can then be left to beneficiaries
through the terms of the Will.
You
can change ownership from joint tenancy to tenants in common and
vice versa while all owners are alive.
Guardians
Under a Will, any person can appoint a guardian of minor children.
Normally, such an appointment is made to take effect on the death
of both parents. However, following a divorce or separation, people
sometimes have special requests concerning access or custody of
children. No such provisions can finally be made under a Will -
the Family Court had jurisdiction to decide these matters if required.
Remember
St John's Cathedral Completion Fund in your Will
By
giving St John's Cathedral:
- a
direct cash gift
-
real estate or other property, jewellery, furniture, art works
- which can be sold
-
the residue of estate after particular bequests have been made
Allow
St John's Cathedral to honour you in your lifetime
By advising us of your intention to make a gift, you can be invited
to special occasions in the Cathedral. This allows the Cathedral
community to honour your intentions and keep you informed about
how your gift will be used.
Form
of Bequest
If
you decide to leave the National Trust St. John's Cathedral Completion
Fund a gift, it is best to seek the advice of a solicitor.
The
following simple form of bequest is suggested for those who may
wish to have their memory perpetuated in association with our magnificent
Cathedral:
"I
give the sum of ...... (or the residue of my estate) to the Corporation
of the Lesser Chapter of the Cathedral Church of Brisbane to be
applied towards the completion including the repayment of any
loan principal or interest relating to the completion of St John's
Cathedral, or if the Cathedral has been completed at the date
of my death (or to the extent that my bequest is not required
to complete the Cathedral) then for the maintenance, upkeep and
improvement of the Cathedral building, fixtures and fittings and
the receipt of the Chapter Clerk shall be a sufficient discharge
to my executor or trustee"
Notification
of Gift
Notification of gift should be sent to:
The
Fundraising
Development Manager
National Trust St. John's Cathedral Completion Fund
GPO
Box 421,
Brisbane Qld 4001
Ph:
+61(0)7 3835 2224
Fax:
+61(0)7 3832 3173
Email: stjohns@gil.com.au
Please
note
When planning your estate, provision should always be made first
for the continuation of support for dependants.
This
section is not intended to give legal or financial advice, it is
strictly for information purposes only. Please seek the advice of
lawyers or qualified financial advisors.
Notes:
- Gifts
to The National Trust St. John's Cathedral Completion Fund are
tax deductible
- Please
make cheques payable to National Trust St. John's Cathedral
Completion Fund and forward to GPO Box 421, Brisbane QLD 4001
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