It is important that you clearly express how you want to leave a gift in your will to NPA. While we provide some guidance here, it is important that you seek legal advice when having your will drafted. The Law Society of New South Wales can refer you to an appropriate solicitor or you can seek the advice of organisations such as the Public Trustee.
Types of gifts in wills.
There are a range of ways of expressing your wish to leave a gift in your will that suits your particular circumstances. These include:
Residue bequest – whole
This is the simplest way for you to support the vital work of NPA. After providing for loved ones, you allocate the remainder (residue) of your estate to NPA.
Residue bequest – percentage
With this method, you gift a percentage of your remaining (residue) estate to NPA.
You may wish to allocate a specific cash amount in your will to go to the vital work of NPA. This provides clarity and certainty but the amount should be reviewed periodically to allow for the effects of inflation which may devalue the benefits of a specified cash gift to NPA over time.
You may wish to gift items such as property or shares, the benefits of which will be realised by NPA.
Using the correct wording in your will
It is important that your executor will be able to understand exactly what you wish to achieve through your legacy, so you will need to be clear on what you want to be done. If you have a specific purpose in mind for how you would like your legacy applied, we suggest you discuss this with the NPA before drafting your will to ensure that your wish can be fulfilled and help NPA safeguard our national parks. A bequest that supports our work in general provides us with the greatest flexibility to respond to critical priorities in the future; however, if you have a particular purpose in mind please contact us to discuss your wishes.
We suggest you decide first the type of gift you wish to leave then seek the assistance of your solicitor or other adviser on how to draft the appropriate clause in your will.
We provide some suggested wording here as a guide:
“I bequeath, free of all duties
-the residue / OR (percentage) of the residue of my estate / OR the sum of $(amount) / OR (specified items)
to the National Parks Association of NSW Inc (ABN 67694961955) to be used for its general purposes, OR for a specific purpose being (as stated here). The written receipt of an authorised officer of NPA New South Wales may be accepted by my executors as a full and sufficient discharge of my bequest.”
Under Australian law, gifts in wills are not tax-deductible.
NPA will look after your legacy.
All individual legacies with a value exceeding $20K and which are not given for a specific purpose will be credited to the NPA Investing in Nature Fund. Gifts in kind (such as shares or property) will be held “in specie” until the NPA determines that it is an appropriate time to sell and realise the cash value of the gift.
A legacy that supports our conservation work in general provides us with the greatest flexibility to respond to critical priorities in the future; however, if you have a particular purpose in mind please contact us to discuss your wishes.
If you have included the NPA in your will or are considering it, please let us know so that we can thank you properly.