How to make a bequest

It’s easy to make a bequest to the Garvan Institute and become a Partner for the Future. You can either include the bequest when you write your Will, or simply add one as a codicil to your existing Will. In either case, you should seek professional advice from a legal adviser, to ensure your wishes are recorded in a legally binding way.

It is 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 family and friends.

A percentage of the overall value of your estate which allows for growth or depletion 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.

The correct wording for your 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”.

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 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 assets 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 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.

Useful resources

Free Bequest booklet

Find out more about leaving a bequest to Garvan in our free booklet

Garvan Bequest Charter

The Bequest Charter is our promise to you when you decide to leave a gift to us in your 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 such a request.

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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