Bequests

Gifts in a Will are an important source of income to the Old Boys' Union Bursaries. The generosity of a number of Old Boys has allowed the OBU to sustain the required Bursary Fund capital base. Bursaries are funded from the interest earned on the capital base.

Over 50% of Australians die without making a Will. Yet if you do die without making a valid Will, there is no way of ensuring that your wishes will be carried out. Your assets will be distributed according to a State government formula.

Making a Will is something everyone should do, no matter what age or how small the assets involved. It ensures that your loved ones and others you consider special are remembered and cared for. It can also ensure that an organisation or cause that you have supported during your lifetime is provided for as well.

There are a number of ways to make a gift in your Will. Such a gift is called a bequest or legacy. We have provided below a list of the most common forms of bequest together with a brief explanation of each one.

If you do decide to include the St Joseph’s College Old Boys' Union Bursary Fund in your Will we would very much appreciate being notified. It not only helps us with our future planning but more importantly it gives us the opportunity to thank you. Discussing your bequest with us could also enable you to decide how you would like your bequest used.

Please contact the OBU for further information on Wills & Bequests; we will be honoured to discuss this sensitive issue further with you.

Choosing the Type of Bequest

There are many different ways to make a gift or bequest in your Will. You should seek legal advice before choosing the one which best suits you. To assist we have listed the most common forms together with a brief explanation. We have also provided the wording needed for each type of gift or bequest if you need it.

A General Bequest

With a general bequest your money will be used to fund Bursaries. General bequests may comprise the whole or residue of you estate, a proportion or a fixed amount (legacy).

A Share of the Estate

This is the most common form of bequest because it does not depend on the size or value of your estate. Nor is it affected by any change in your circumstances between the time you write your Will and the time you evidently die. It also means that you can decide the order of importance of those people or organisations, which will benefit. Whatever happens the most important person or organisation will always get the biggest share if that is what you wish.

A proportionate share is usually always recommended over a dollar amount as the value of the dollar amount can be significantly eroded over time as well.

A Specific Purpose Bequest

If you have a specific purpose in mind – within the constraints of Bursaries for sons of Old Boys – it is recommended that you include a clause in your Will, such that if circumstances make the bequest unable to be fulfilled, then you direct the Trustees of the OBU, to redirect the funds in the most appropriate way.

The Residue of the Estate

If you have included one or more fixed amount bequests or legacies in your Will then whatever remains is known as the residue. The residue can be left as a whole or shared amongst several beneficiaries in the proportions you request.

Bequests in Perpetuity

Large bequests can be held in perpetuity by Old Boys' Union and the income derived from the investment used for either general or specific purposes, again within the constraints of Bursaries.