Residuary Bequest
A residuary bequest is when you leave a portion or the remainder of your estate to Monash University after all other bequest and other financial commitments have been honoured. This is a wonderful way to ensure Monash University gets the most help possible, whilst also ensuring your loved ones are taken care of.
Suggested wording in your Will:
“I bequeath to Monash University of Clayton, Victoria 3800, ABN 12 377 614 012, (Insert number)% of my residuary estate, to be applied for the purposes of (insert purpose) or by Monash University in such a manner as its Directors may determine. I direct that the receipt in writing of an authorised officer of Monash University shall be deemed proof of payment.”
Specific Bequest
When you leave specific item, such as property or shares to Monash University. For Example Bill Hawtin and Tess Hill left their house to fund scholarships for disadvantaged students.
Suggested wording:
“I bequeath to Monash University of Clayton, Victoria 3800, ABN 12 377 614 012, (describe asset accurately), to be applied for the purposes of (insert purpose) or by Monash University in such a manner as its Directors may determine. I direct that the receipt in writing of an authorised officer of Monash University shall be deemed proof of payment.”
Pecuniary Bequest
A gift to Monash University of a fixed or stated sum of money designated in your Will.
Suggested wording:
“I bequeath to Monash University of Clayton, Victoria 3800, ABN 12 377 614 012, the sum of (Insert $ amount), to be applied for the purposes of (insert purpose) or by Monash University in such a manner as its Directors may determine. I direct that the receipt in writing of an authorised officer of Monash University shall be deemed proof of payment.”
Contingent Bequest
This type of bequest is fulfilled if certain conditions are met. For instance, if your primary beneficiary does not survive you, you can indicate your next choice through a contingent designation.
Please seek advice from a legal solicitor for specific wording on how to leave Monash University a contingent bequest.
