Bequests - Frequently asked questions
There is a suggestion below to share with your legal advisor, you will need to edit the relevant sections to best suit your gift and wishes.
"I bequeath to Monash University, Wellington Rd, Clayton VIC 3800, ABN 12 377 614 012, the whole of my Estate (or …...% of my Estate, the residue of my Estate or the sum of $ …………), free of all duties and deductions, to be applied for (either) the purposes of the University in such manner as the University may determine (or) the following purpose – (describe your vision here). I direct that the receipt of Monash University shall be a good and sufficient discharge to my Trustee(s)."
We encourage you to speak to the planned giving team to discuss any specific instructions you may have, the University will in turn keep a private record of these.
Yes, the ATO has endorsed Monash University as a deductible gift recipient.
If you are considering bequeathing assets such as properties, jewellery, artwork or shares, you should seek financial and legal advice on the taxation implications of such a gift. Please contact our planned giving team to discuss your wishes.
No, the University will not act as an executor.
Once you have considered the needs of your family and loved ones, you can consider making a residuary bequest that is, what remains after all other gifts and costs have been paid.
Alternatively, you could make a specific bequest, such as a set amount of money or a shares for example.
Your gift could take the form of:
- A percentage or whole of an estate
- A specific amount of money
- Stocks and shares
- Works of art, collections, jewellery
- A life insurance policy, annuities or trust
Providing an estimated amount of the value of your bequest is not compulsory, while useful for university planning purposes, we will always respect your privacy.
It is a personal choice if you would like to inform us of your gift. It is our preference that you let us know so that we can thank you and invite you to join the Matheson Society which recognises and celebrates those who have chosen to leave a gift in their Will.
To change your Will, you can either create a new Will with appropriate legal advice OR prepare a codicil.
A codicil is document that is executed by a person who had previously made his or her will, to modify, delete, qualify, or revoke provisions contained in it.
For many of us, leaving a gift in our will is an opportunity to support a cause that had some significance during our lifetime. You are welcome to leave your gift to Monash University’s highest priorities OR perhaps be more specific.
You could consider directing your gift to:
- A specific faculty
- Student scholarships
- An area of research
You are warmly invited to discuss your ideas with the planned giving team who can help guide you through these options.
Yes, many of our scholarships at Monash have been endowed and named after our generous bequestors. Our planned giving team are well placed to talk to you about scholarship types (e.g. undergraduate and post-graduate) and of course scholarship values to ensure that there are sufficient funds to endow it. Establishing a named scholarship is a wonderful way to honour a legacy for generations to come.
It is important to note that student’s cost of living and course fees will inevitably change in the future; the planned giving team can provide you with information regarding current course fees and average cost of living expenses which should give you an insight into future requirements. You could also consider bequeathing to our Achieving Potential Fund; a fund which has been set up to provide as many scholarship as possible to students from a disadvantaged background.
Many of our generous supporters choose to endow a fund, creating a lasting legacy.
Endowed donations are held in Monash University’s Common Fund. Monash’s Corporate Finance Division work closely with the University's External Relations, Development and Alumni (ERDA), University faculties, General Counsel and Scholarships teams to ensure proper administration of endowments and the allocation of realised investment income to specified purposes.
Information on the Common Fund, annual returns and governance are available upon request to the Planned Giving team.
We would encourage you to speak to our planned giving team who can advise you on specific areas of research and what the future objectives and planned outcomes are.
In the rare event that the area of research in which you have supported in your will is no longer available at Monash, we would recommend you use a provision within your Will such as “If the Monash University decides that it is no longer possible or practical to carry out the stated purpose, the University may use the bequest to support a purpose that is closely aligned to the stated purpose.”
We encourage you to consider a friend or family member who we can communicate with once your gift is realised. We will regularly communicate with this person on how your funds have been used and how we have honoured your legacy.
Yes, we welcome gifts both large and small. A more modest gift can be added to an existing fund to achieve maximum impact. For example, you could consider supporting our Achieving Potential Fund which raises funds from members of our alumni community, to provide scholarships to students who have experienced disadvantage. Or you can specify that the funds can be used at the discretion of the University, we in turn will use funds on areas that have the most need.