Living on through act of giving: How to bequeath a charity

"Some of these kids don't have the confidence in their own abilities, or that they're in the right place and that people will help them," she said.

"Coming from behind, feeling different and out of place - to feeling empowered, is a very difficult leap to make. Having an education has enabled us to create successful lives. All Australian kids deserve that chance."

According to research commissioned by Include A Charity, a quarter of Australians would like to leave something to a cause or charity in their will, while a further 42 per cent were undecided.

Despite these figures, only about 7.5 per cent end up bequeathing a charity.

So how should you go about leaving a bequest to a charity, or charities? Follow our guide for some great pointers.

Make a list of the people and organisations you'd like to include in your will. What percentage of your estate would you like to bequeath to charities or not-for-profits? If you are leaving your entire estate to charities, not-for-profits or other causes, how many would you like to include?

Assets can include money, homes, cars, investment portfolios, and superannuation. Superannuation is not typically covered by a will as it is held by a trustee, but can be added to an estate and gifted to a chosen charity.

Bequests can take a number of different forms. A pecuniary bequest is a fixed or stated sum of cash. A specific bequest is the gift of assets such as bonds, jewellery, works of art, or a property. A residuary bequest refers to the amount of an estate that is left over once all other bequests and financial commitments have been honoured. Percentage bequests allow for the donation of a percentage of either the entire, or residual estate. Contingency bequests will only be fulfilled if certain conditions are met - such as a primary beneficiary no longer being alive.

It is important to inform loved ones of your intentions in order to prevent any issues or confusion after you pass away. It is also a good idea to inform charities so they can factor your plans into budgeting and offer guidance on how funds could best be spent.

If you don't have a suitable nominee, you can appoint a State Trustee, with their fee to be paid from the money you leave behind.

It is best to engage a solicitor to ensure your will is a legal document with all necessary details included. Once finalised, the will should be signed in the presence of two witnesses who are not beneficiaries. Each page should be signed by the estate holder and the last page should be signed by everyone present, using the same pen. Once the will has been completed, make sure all executors have a copy, and keep your own copy in a place that is safe and secure.

For more information click here www.includeacharity.com.au