Bequests FAQ
- What is a bequest?
- Are there different types of bequests?
- What are the options for making a bequest?
- How will my gift be used?
- Is there a minimum amount required?
- Should I leave a percentage or a set amount?
- What is the easiest way to make a Bequest?
- Why do I need a Will?
- How do I go about making a Will?
- Do I need professional advice to make a Will?
- I’d like to leave a gift in my Will. What do I need to do?
- Is there special language that I should use when making a bequest?
- Can I change my mind?
- How do I find out more information?
A bequest is a gift specified in your Will. Through a bequest to the Art Gallery of South Australia (AGSA) in your Will you can make a gift that will contribute to the future of the Gallery whilst still enjoying your assets during your lifetime.
Bequests are very personal and can be made in a variety of ways:
Cash Legacy: A nominated and specific sum of money given from the value of your whole estate.
Bequest of Property/Asset: This is the gift of a specific item you may own, such as homes, flats, land, commercial properties, farms and so on; debentures, shares, or life insurance policies; or items such as works of art, collections, jewellery or furniture.
Proportional Bequest: A percentage of the value of your whole estate.
Residual Bequest: The remainder of your estate, after all specific legacies and gifts of property have been made. This may be given to one beneficiary or shared in percentages between beneficiaries.
The AGSA Foundation welcomes bequests of any type.
You can specify a specific dollar amount or you can choose to give a percentage of your estate. If you are not sure about your future circumstances, you can set up a contingency bequest thereby insuring that your spouse and/or family is provided for first.
Gifts received as bequests though the AGSA Foundation play a significant role in growing and enriching the state’s art collection, assisting the Gallery to deliver impactful public programs and create meaningful experiences with art. You can choose to direct your bequest towards expanding your favourite collecting area or alternatively, you could make an unrestricted bequest which allows the Gallery to direct funds where they are needed most. Bequests can also be made to honour the memory of family or other loved ones, with their name appearing in appropriate acknowledgements.
No, there is no minimum dollar requirement to leave a bequest to the AGSA Foundation. Everyone’s situation is different and no matter the size of your gift, your wish to bequeath is welcomed and appreciated.
All bequests, whether large or small, are greatly appreciated. If you leave a percentage of your estate, this will ensure that the value of your gift is not affected by inflation. If you choose to leave a set amount of your estate, you can specify the exact sum you wish to donate.
The easiest way to make a bequest to the AGSA Foundation is to add a Codicil to your current Will or trust. If you do not have a will or trust, you should look into establishing one. At that time, you can instruct your legal advisor that you wish to include a bequest to the AGSA Foundation.
A Will ensures you are in control of your assets and outlines how they will be distributed to the people and causes/organisations that you care about. Your loved ones won’t need to make difficult decisions about the distribution of your estate.
Please use a professional when making your Will, particularly if you are planning to leave a bequest. Wills are precise legal documents to determine the disbursement of your property in the way you wish and there are many legal considerations. To be sure that your assets are distributed the way you wish, always seek professional help to prepare or modify your Will.
Using a practicing solicitor or trust company ensures your Will is legally correct and that your wishes will be followed accurately.
To assist your legal advisor, AGSA recommends the inclusion of a paragraph in your will. If you have already made a will and you wish to leave a gift, you may be able to make a simple change by adding a Codicil, which includes the AGSA Foundation as a beneficiary. It is important that you discuss your Will or Codicil with your family and ensure that they understand and support your decision. We encourage you to seek independent legal or financial advice when preparing your Will. Your lawyer may contact us for appropriate wording or you may like to refer to our sample wording below. Any requests for anonymity will be respected.
Yes, you can contact the AGSA Foundation for advice or use the sample language as follows:
“It is my/our wish to give (% of my estate or nominated amount, or shares or property, works of art etc) to the Art Gallery Board, established pursuant to the Art Gallery Act 1939 (SA), for the use and benefit through the Art Gallery of South Australia Foundation.”
Yes. You can cancel or change the amount of a bequest at any time.
If I make a bequest, do I need to inform the AGSA Foundation?
If you’ve already directed a bequest to the AGSA Foundation or are considering doing so, we encourage you to please let us know as this asssists with planning and forecasting, and provides us with the chance to formally show our appreciation in your lifetime.
You will also be invited to join the Thomas Elder Circle and receive the following benefits:
- Invitation to attend exclusive annual Thomas Elder Circle events
- Acknowledged with the corresponding level of Foundation membership
- Formally acknowledged on the Donors’ Board and in the Foundation Annual Report
- Acknowledged for all gifts of works of art or acquisitions made with the support of a bequest, in the caption of the work and wherever the image of that work is reproduced
You can notify us of your intention to leave a bequest in a number of ways such as: verbally, electronically or in writing. However, we also respect your wishes if you prefer to remain anonymous.
Contact your legal advisor/practicing solicitor to find out more about making a bequest to the AGSA Foundation.
For further information about Bequest giving please contact
T +61 8 8207 7040
E foundation@artgallery.sa.gov.au