Bequests

Why make a bequest to ISCHS?

Making a bequest to ISCHS is one way you can help us protect the future development of our community health service and the clients who come into our care.

To be legally valid, wills must comply with certain legal requirements. For this reason we strongly recommend that you seek legal advice from the Public Trustees or a solicitor.

If you already have a will you can simply add a supplement to the document which sets out your instructions for a Bequest.

How should I phrase a bequest?

There are a number of possible ways to phrase a bequest. To assist you, we have prepared some suggestions.

You may wish to leave a sum of money to ISCHS for general use as follows:

"I give and bequeath the sum of …………… dollars (dollars) free of all duties to the Inner South Community Health Service at Prahran/St Kilda/South Melbourne, Victoria (“ISCHS”) for general projects which, at the discretion of the Chief Executive Officer in consultation with the ISCHS Board, may be applied where most needed by ISCHS and I declare that the official receipt of ISCHS shall be good and sufficient discharge to my Trustees who shall not be obliged to see to the application thereof."

or

You may wish to leave a proportion of your estate to ISCHS as follows:

"I direct my executors to divide the residue of my estate, both real and personal into ………… shares and I GIVE ………… shares to my trustees for the time being of the Inner South Community Health Service at Prahran/St Kilda/South Melbourne, Victoria (“ISCHS”), UPON TRUST that they shall invest the same in any of the investments authorised by its Board and shall apply such part of the capital and income thereof as they in their absolute discretion think fit for any of the purposes authorised by the ISCHS Board and I DECLARE that the official receipt of ISCHS shall be full and sufficient discharge to my Trustee for the payment of the said sum and that my Trustee shall not be bound to see or enquire into the application thereof."

or

You may wish to leave personal property or real estate to ISCHS as follows:

"I GIVE AND BEQUEATH the following items of my property and effects:

*….

*….

to the Inner South Community Health Service at Prahran/St Kilda/South Melbourne, Victoria (“ISCHS”) UPON TRUST that they shall dispose of and invest the same in any of the investments authorised by the ISCHS Board and shall apply such part of the capital and income thereof as they in their absolute discretion think fit for any of the purposes authorised under the provisions contained in the said Act and I DECLARE that the official receipt of ISCHS shall be full and sufficient discharge to my Trustee for the payment of the said sum and that my Trustee."

What are the taxation considerations?

Gifts made to ISCHS are allowable deductions under Division 30 of the Income Tax Assessment Act 1997.

Legacies, bequests and endowments are covered in terms of the Estate Duty Assessment Act 1914 (Aust) and the relevant Probate Duty Act for your State.

Where can I get additional information?

If you would like to discuss any aspects of a will or bequest, confidential assistance is available from the Finance Manager at Prahran.

Is there a Bequest Policy?

Yes. ISCHS is committed to ensuring that benefactors are appropriately honoured for their generosity and that the integrity of bequests is maintained.

ISCHS operates according to the highest ethical standards in the acquisition and administration of bequests.

Further information on ISCHS's Bequest Policy can be obtained from the Finance Manager at Prahran.

Will ISCHS maintain the capital value of my bequest?

A bequest is often much greater, in financial terms, than any cash gifts given during an individual lifetime. ISCHS regards the preservation of the capital as an act of faith with benefactors and in line with our legal obligations.

Bequests with a capital value greater than $250,000 are generally regarded as if they are Capital Preserved Trusts (see below).

This principle, of course, does not apply where the terms of the benefaction make clear that the intention was that the bequest be spent for a particular purpose of immediate need.

What is a Capital Preserved Trust?

Many who leave a bequest to ISCHS do so by establishing a Capital Preserved Trust to guarantee the integrity of the bequest in perpetuity. These Trusts are often named after the benefactor or a designated person. Each year a percentage of the interest earned on the trust funds is reinvested to preserve the value of the trust capital in line with inflation.