Frequently Asked Questions
Bequest Frequently Asked Questions
Why do I need a Will?
A will ensures that your wishes are protected and efficiently implemented. It also ensures our loved ones will not need to make difficult decisions about the distribution of your estate.
How do I make a Will?
You should consult a professional when making your Will to ensure that the wording is legally correct and appropriate so that your estate is disbursed in the way you wish. If you are looking for a legal advisor, you can contact The Law Society of Victoria who can assist you. Searching for the right lawyer can be a daunting takes, but the Legal Referral Service makes it much easier by providing contact details for three law firms that specialise in the area of law for which you need assistance and support.
Their contact details are:
Telephone: 03 9607 9311
How often should I update my Will?
Your Will expresses your wishes at a particular point in time. As your circumstances change, it is advisable to regularly review your Will so that it accurately reflects your current wishes. Situations where you may want to update or revise your Will include:
- Separation or divorce
- Starting a defacto relationship
- Having children
- Having grandchildren
- Children’s divorce, remarriage, relationship behaviour or financial difficulty
- Sale or acquisition of assets
- Illness, lack of legal capacity or death of an executor or beneficiary. It is always advisable to seek legal advice when making or changing your Will.
What is a Bequest?
A bequest is a gift specified in your Will. It is an instruction contained within a Will and specifically reserves part or all of an estate to a particular beneficiary, whether a person or an organisation. At bequest is an opportunity for you to make a tangible and lasting gift without affecting your financial situation during your lifetime.
Often a bequest is the largest gift that someone will ever make but also may be relatively modest. Whether large or small, a bequest can help reflect in death what has been important to you in life. It can serve as a testimony to your values and beliefs.
Why leave a bequest to St Joseph’s College?
Once you have taken care of those closet to you, including St Joseph’s College Foundation in your Will will be an investment in the future of our students and the quality of their education- a meaningful way to recognise your connection to the school.
Since its foundation in 1935, the College has sustained and developed from generation to generation by wonderful, inspiring acts of generosity, large and small. By leaving a bequest, you are recognising the value the College provides to the wider community through the exceptional education of our boys that inspires them to want to make their own lasting, positive contribution to society.
What type of bequests are there?
A specific sum of money or specific assets in the form of property, shares or items of value such as art or jewellery. Please bear in mind that the gift may fail if you have subsequently disposed of specific assets.
A gift of either a percentage or the entirety of what is left of your estate after all your other wishes have been carried out and expenses in finalising your estate have been met. St Joseph’s College welcomes gifts of any kind.
Areas for support:
You can choose to direct your gift to a particular area:
Help make St Joseph’s College accessible to young Catholic boys, regardless of financial circumstances through the bursaries funds.
Enable us to ensure that our students today and into the future have the very best possible learning and teaching environments that we can provide.
Ensure that students across our campuses have easy access to the latest online and hardcopy learning and research tools
Aims to preserve and showcase our School’s heritage and history. The Heritage Centre operates on Shannon Avenue and has an increasing heritage display and archive.
Provides resources for educational support students such as specialised teaching aids and interactive tools.
If you are considering making a gift in your Will, we encourage you to have a confidential discussion with our Bequest Coordinator about how you would like to support St Joseph’s. This will enable us to provide guidance about how your intentions can be best achieved.
Please contact the Community and Development Office to discuss this on 03 5226 8149 or email: [email protected]
What happens to my bequest?
Your executor will contact the College so that we can start working together to fulfil your wishes. The College will involve family members, as advised by the Executor, so that they can be involved in your legacy if they so choose. The College will ensure that ongoing generations are aware of your generosity and the impact you have made through your gift, unless you have indicated the gift should remain anonymous.
How are the funds managed?
Depending on the specific terms of your Will, your gift will either be disbursed in keeping with your wishes or in the absence of any specific direction, it will be held in the Foundation Endowment Fund and managed accordingly in order to meet the terms of the bequest.
The key financial objective of the fund is to provide long-term capital growth as well as a stable annual income stream in perpetuity. In order to assist with reaching these goals, monies received are invested with professional fund manages by the Fund’s investment sub-committee. While the distribution of income from your gift will be managed according to your wishes, it is important to note that investment decisions are that the discretion of the College and the performance of the fund is regularly reviewed by the Foundation Committee.
What is a Codicil?
A codicil is a document that amends, rather than replaces a previously executed Will. A codicil must be signed and witnessed with the same formalities as those used in the original Will’s preparation.
If I decide to make a bequest, do I need to contact St Joseph’s College?
By informing the College about your bequest, you enable us to thank you in your lifetime. For those who are interested, we also like to keep you informed and involved in the life of the College. You may also with to be recognised as a member of the McNeill Society.
What if I change my mind?
You can change the amount or cancel your bequest at any time. We strongly recommend that you consult a professional when making changes to your Will to ensure that your amendments are capture correctly.
What is the McNeill Society?
When you make a bequest to St Joseph’s College you become a member of the McNeill Society, a membership group which recognises those who have advised the Foundation of their intentions to make a bequest to the College during their lifetime.
The Society allows the Foundation to thank the members and provide them with the recognition they deserve, inviting them to special events and keeping members informed and in touch with school and its students.
Who should I contact if I have further questions?
For further information and support, please contact the Community and Development Office
on 03 5226 8149 or email [email protected]