Bequests: Frequently Asked Questions

What is a Bequest?

A bequest is a donation left to a person or organisation, given via your Will, once you have taken care of your family and loved ones. You can direct your gift to be used in areas of the School that require them most, such as scholarships, capital works and the School’s libraries.

While a person making a bequest can indicate the use to which their bequest should be directed, untied bequests are of greatest use to the School, as they leave it to the Foundation’s discretion as to where best to apply the funds for Haileybury’s benefit.

Who Leaves Bequests?

Throughout our history we have received gifts of all sizes, shapes and forms. Every gift, however small or large, is important and allows us to plan with confidence and to support students through scholarships and bursaries. Every bequest makes a difference and is gratefully accepted and acknowledged.

Please note that you can remain anonymous and/or keep your gift amount undisclosed.

What types of bequests are there?

A bequest can take the form of:

* A specified amount of money

* A proportion (or whole) of an estate

* Property

* Stocks or shares

* Works of art, collections or jewellery

* The proceeds of a life insurance, annuity or trust

Providing an estimated amount of the value of your bequest is not required. We will always respect your privacy and wishes.

What is the quickest and easiest way to make a bequest, if I already have a will?

If you have already made a Will, adding a bequest to the School is simple. Your solicitor can prepare a codicil form (see below), or you can obtain one from the Haileybury Development Office. If you have not yet made a Will, your legal adviser can assist.

How do I leave a bequest in a will?

The best way to arrange leaving a gift to Haileybury Foundation is to speak with a solicitor to either create or update your Will. A solicitor can ensure that your estate is distributed in a way that meets your wishes.

Sample Provisions for inclusion in wills can be found here.

What happens to my bequest?

Your bequest will be distributed to the appropriate area of the School based upon your wishes as per your Will.

My Bequest is not likely to be large. Is it worthwhile to give?

Yes, it is absolutely worthwhile. Over time, and with sound management to retain and grow the capital, funds invested for scholarships distribute many times their initial capital value. Even modest gifts can provide substantial impact in providing for students in financial need.

Is there a minimum bequest for establishing a scholarship in perpetuity?

Yes there is. Please contact Russell Davidson for a confidential discussion on this matter.

How should I word my bequest?

Wording for your bequest can be as simple as the following examples;

  1. Bequest to a specific fund

“I give, devise and bequeath, free of all duties and taxes, *______________________________________________________________ to Haileybury Foundation (ABN ) 70 142 288 346 for its Scholarship / Building / Library fund.”

  1. Unrestricted bequest to Haileybury Foundation

“I give, devise and bequeath, free of all duties and taxes, *______________________________________________________________ to Haileybury Foundation (ABN ) 70 142 288 346 for its general purposes.”

*insert one of the following:

* the whole (or …%) of the residue of my estate

* the whole (or …%) of my estate

* the sum of $ (amount)

* (Details of a particular asset, such as shares or property.)

What is a codicil?

A codicil is a short, additional legal document used to make minor changes, amendments or alterations to an existing will. It can be a cost effective way to make a minor change to a will.

To be legally valid,  the codicil must be signed and executed in front of witnesses as does a will. The codicil is then kept with the will.

Click here to download a Codicil document

If I make a bequest, do I need to contact Haileybury?

In short, no. However, advising the School of your bequest enables us to express our gratitude during your lifeline, recognise you in all publications, and include you in the Winged Heart Society. We can then keep you updated on Winged Heart Society events, and other relevant events and developments at the School. It also helps the Foundation in planning for the future support of the School.

To advise us of your plans, please download and return the Bequest Card here.

What if I change my mind?

As outlined above, a codicil is a legal document which makes amendments or revokes an existing will. Similarly, changes to this legal document should be witnessed and retained with the existing will and codicil/s. This can be done in conjunction with your solicitor.

Haileybury Foundation. Changing Lives Forever.

E: foundation@haileybury.vic.edu.au

T: +61 3 9904 6141