You can make bequest by asking your lawyer to add it in your will when it’s drawn up or revised. As estates can be divided in different ways, it’s important to ensure your bequest is tailored accordingly.
There are 3 kinds of bequest:
- A specific amount or a specific asset (for example a parcel of shares).
- A specific percentage of the estate.
- A donation of the residue of the estate after all other bequests and obligations have been taken care of. You can also choose to give a percentage of the residue of your estate.
You can specify the particular area you want your bequest to go towards, if you have one. You should keep this as broad as possible. We also recommend you add a contingency clause, such as: “should this programme no longer be in operation, the bequest may be used as the Trust determines.”
How to make a bequest
If you are thinking about making a bequest, please let us know in writing. It’s important to have this written information if your will is challenged.
It’s best to speak to your lawyer about the most appropriate kind of bequest for you. Here is some suggested wording for each type of bequest you can put in your will:
Bequest of a specific amount or asset
“I give and bequeath (item-sufficiently described to be individually identified, or) the amount of $... to the Engineering New Zealand Foundation, located at 50 Customhouse Quay, Wellington, 6144, Registration Number CC30077.”
“I give and bequeath …% of the total value of my estate to the Engineering New Zealand Foundation, located at 50 Customhouse Quay, Wellington, 6144, Registration Number CC30077.”
Bequest of residue
“The residue and remainder of my estate, both real and personal, wherever situated, I give and bequeath to the Engineering New Zealand Foundation, located at 50 Customhouse Quay, Wellington, 6144, Registration Number CC30077.”