FOR SOLICITORS AND EXECUTORS

Bequests are extremely important to the future of medical research at Garvan. They are typically directed to our endowment fund, which means the gift will provide income in perpetuity, enabling us to plan with security as well as fund new research projects with greater ease and speed.

However, we are extremely conscious of the need to respect the wishes expressed in the terms of the Will – if the Will specifies an area of research to support, this will be upheld. If you have any questions about the scope of our work, and whether it matches the terms of the Will, please get in touch through our contact form below.

Bequests should be mailed to the Garvan Research Foundation, 384 Victoria Street, Darlinghurst 2010, or transferred by direct deposit. Please call us on 02 9295 8110 for our bank account details.

The correct wording for a Will

“I give to the Garvan Institute of Medical Research, ABN 62 330 391 937

a)   All of my residuary estate OR

b)   __________percentage of my residuary estate OR

c)   The sum of $ ____________OR

d)   (list asset or assets)

To be applied for the purposes of medical research by the Institute (OR for the purpose of _____________(specify research area of your choice). I declare that the receipt of a Director of the Institute or other authorised officer will be a sufficient discharge to my executors who will not be bound to see to the application of this gift”.

Please be aware of the following legal points, which may significantly enhance your client’s bequest.
Deductible Gift Recipient Status

The Garvan Institute of Medical Research (ABN 62 330 391 937) holds Deductible Gift Recipient (DGR) Status and is fully Tax Exempt.

Capital Gains Tax on estate assets & transfer of shares ‘in specie’

The Garvan Institute of Medical Research is exempt from payment of capital gains tax, and therefore any “in specie” transfer of CGT such as investment properties or shares (rather than a sale of those assets by the executors and a transfer of sale proceeds) may result in a significantly reduced tax liability.

Superannuation

Superannuation is not automatically directed through a person’s Will.  If you wish to assign your client’s superannuation to Garvan, the super balance will need to be left to their estate, in which case it will be dealt with as determined in the Will.

Honour Board

We take great delight in honouring bequests – they are critical to continue our mission to find the answers to disease into the future.

We like to acknowledge bequests by placing the names on the Honour Board in our building in Darlinghurst. Loved ones and Executors are welcome to visit and view our Honour Board when it is convenient for them. Please let us know if the bequestor’s loved ones would prefer the gift not to be acknowledged in this way.

Carol O'Carroll
Contact our Bequest Manager

Contact Carol O’Carroll, Bequest Manager at Garvan to answer any questions or let us know if you have made this very special gift.

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