Planning your Will
If you choose to include a gift to Cancer Council Victoria in your Will, we recommend that you do so after first making provision for family and loved ones.
A Will is an important legal document that allows your wishes to be carried out. It therefore needs to be drafted correctly. For this reason, we advise you to consult your solicitor or an accredited Wills and estates specialist, and think about the following in advance:
- Your assets
What do you own?
- Your beneficiaries
Who will benefit from your assets and in what proportion?
- Your executor(s)
Who would you like to administer your estate and ensure your wishes are carried out?
Our Wording your Will tool below, and our downloadable Will planner, can help you prepare for your appointment with a solicitor.
Importance of a Will
Having a Will is the only way you can be sure your affairs will be managed as you would prefer. Irrespective of wealth, it is advisable to have a Will and to review it every few years to make sure it still reflects your wishes. This is especially important if your personal circumstances change e.g. if you marry, divorce, have children, buy property, or if an intended beneficiary or executor dies.
In addition, if you were to pass away without a valid Will, your wishes of how your estate is distributed may be subject to a court ruling. This may cause unnecessary stress to your loved ones at a time that is already very stressful.
Types of gifts
Any gift that you include in your Will – big or small (even just 1% of your estate) – will help build a better future for those impacted by cancer.
Cancer Council Victoria believes that you should provide for your loved ones first. After that, there are many ways that you can include a gift in your Will, but here are five of the most popular ways people include gifts to Cancer Council Victoria in their Wills:
A residuary gift is a share in the residue of your estate (i.e. a share of the balance remaining after expenses have been paid and specific gifts distributed).
This type of gift reflects your intention at the time you draw up your Will and should not decrease in value over time, as it automatically adjusts to changes in the value of your estate.
A percentage gift is a nominated percentage of your whole estate.
This type of gift too will adjust its value over time as the value of your estate changes.
Whole of estate
You can choose to leave your entire estate to Cancer Council Victoria.
A set amount
You can leave a specific sum of money. If you would like a gift of money to keep its value over the years, it is a sensible idea to ask your solicitor to index-link it.
A specific item
You can leave specific items of value such as shares or real estate.
Wherever possible, we ask you to consider a percentage or residuary gift. These are less affected by inflation and so maintain their proportional value better over time.
Wording your Will
It is important that your Will is correctly worded to ensure that your intentions are carried out by your executor and your beneficiaries. Use this tool to generate the preferred wording for including a gift to Cancer Council Victoria in your Will. We suggest you take this wording with you when you see your solicitor.