Leave a gift in your will

The simplest bequest is where you leave an unrestricted bequest of all, or a proportion, of your estate.

Our suggested wording for your will is:

“I give to Macquarie University ABN 90 952 801 237 the whole of my estate [or specify the percentage of your estate] and I direct that the receipt of Macquarie University be accepted as sufficient discharge for the same.”

We recognise the importance of ensuring your family and dependants are adequately provided for, so you may wish to consider a residuary bequest. With a residuary bequest, you leave us a share of what remains of your estate after any specific gifts and costs have been settled.

Our suggested wording for your will is:

“I give to Macquarie University ABN 90 952 801 237 the residue of my estate and I direct that the receipt of Macquarie University be accepted as sufficient discharge for the same.”

Should your preference be to leave a specific amount, please be mindful that inflation can significantly erode the real value of the gift. You can protect its value by stipulating the gift is to be ‘index-linked’, meaning it will increase in value in line with inflation.

Our suggested wording for your will is:

“I give to Macquarie University ABN 90 952 801 237 [specific amount to be inserted] which shall be index-linked, so that the actual amount given shall be the figure which bears the same proportion to the sum stated as the index figure in the Consumer Price Index for the quarter in which my death occurs bears to the index figure in the Index for the quarter in which this will is executed, and I direct that the receipt of the Chief Financial Officer for the time being of the University shall be sufficient discharge.”

Specifying a purpose for the bequest

When a specific purpose is designated in the will, the University recommends including a provision that authorises the University Council to apply the bequest to another purpose, if it becomes impractical or impossible to use the bequest for the purpose prescribed in the will. In that case, the following wording would be appropriate:

“If at any time, and for whatever reason, it becomes impracticable or impossible for the University to continue to apply the bequest for the purpose or purposes directed by me in this will, then the University Council may apply the bequest for such other purpose or purposes as the Council determines are most closely in accordance with my directions.”

Bequeathing something specific

Alternatively, or in addition, you may wish to leave us something specific, for example:

• artworks
• bonds
• rare collections
• real estate
• shares.

Our suggested wording for your will is:

“I give to Macquarie University ABN 90 952 801 237 [specific item to be inserted] and I direct that the receipt of Macquarie University be accepted as sufficient discharge for the same.”

A codicil is an easy way to include a bequest without having to rewrite your will and is usually a quick and inexpensive process.

We recommend that you see a legal adviser to help you prepare the document.