How to make a bequest
You should seek professional advice from a legal adviser to ensure your wishes are recorded in a legally binding way.
It's also important to talk to your loved ones about your intentions and let them know that leaving a gift to medical research is important to you. This can help to ensure your final wishes are carried out.
Types of bequest
Bequests can be made in a variety of ways according to your personal situation and preferences. You may choose to give:
A residual gift which is a share or whole of your estate after providing for your family and friends.
A percentage of the overall value of your estate which allows for growth or depreciation of the value of your estate.
A specified sum of cash. However, this does not allow for changes of circumstance or inflation.
A gift of real estate, stocks, bonds, shares, artwork, jewellery etc.
When you meet with your solicitor
It is important that they are aware of the following legal points, which may significantly enhance your bequest.
Deductible Gift Recipient Status
The Garvan Institute of Medical Research (ABN 62 330 391 937) holds Deductible Gift Recipient (DGR) Status Item 1 and is fully Tax Exempt. As the Fundraising and Marketing division of the Garvan Institute, the Garvan Research Foundation (ABN 91 042 722 738) also holds Deductible Gift Recipient (DGR) Status Item 2 and is fully Tax Exempt.
Capital Gains Tax on estate assets and transfer of shares ‘in specie’
As Garvan Institute of Medical Research is fully Tax Exempt, the transfer of all Capital Gains Tax assets such as real estate or shares to Garvan will result in significantly reduced tax liability, rather than pre-selling those assets by executors and transferring the sale proceeds.
Superannuation is not automatically directed through a person’s Will. If you wish to assign your superannuation to the Garvan, the super balance will need to be left to your estate, in which case it will be dealt with as determined in the Will.
Become a Garvan Partner for the Future
By including Garvan in your Will, you can become one of our Partners for the Future, joining a special group of people who have also chosen to support us in this significant way. To become a Partner for the Future, please get in touch to let us know you have left a bequest to Garvan. You’ll be kept up to date with our research and receive invitations to special Garvan events.
You may also choose to be acknowledged on the Honour Board in the Galleria of the Garvan building in Darlinghurst, Sydney. However, if you prefer to remain anonymous, we will of course honour your wishes.