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Remembering TEAR Fund in your Will By remembering the work of TEAR Fund through a bequest in your will, you partner with us to follow the biblical call to “seek justice and encourage the oppressed”, well beyond your lifetime. A will is a statement of how you want your possessions, property, and money distributed when you die. It also includes details of how you want your dependents to be looked after. It can remove a considerable amount of financial and emotional strain on your family after your death, and help minimise the likelihood of disputes about your estate.
Because it is so important, a will should be regularly reviewed every five to seven years, and updated in the event of any change in circumstances or relationships.
Examples of changing circumstances might include: - Getting married: Any will made before a marriage is automatically revoked with that marriage, unless it has been made in contemplation of that marriage. This applies even if you marry someone who has been a beneficiary in the will made before your marriage. When you next update or revise your will, please consider remembering the work of TEAR Fund through a bequest. Bequests from TEAR Fund supporters are amongst our most important sources of funds. They play a major role in our ability to plan ahead for our work to continue. Many of our supporters have taken this step as it allows them to continue to make a real difference well beyond their lifetime.
We have available a free bequest information pack featuring a 10-minute DVD or video, narrated by Cliff Richard, on the work of TEAR Fund and the significant impact of bequests. How can I make provision for my sponsored child to be supported after I die? This information was supplied by Michael Hockly, Gaze Burt Lawyers, North Shore City , Albany . If you have any questions about wills, please send them to bequests@tearfund.org.nz or post to Janet Tuck at TEAR Fund, PO Box 8315, Mt Roskill, Auckland, or phone 0800 800 777.
By remembering the poor in your will, you can build a better future for communities in the world's most impoverished nations. in times of conflict, during natural disasters and in the face of oppressive poverty, you can continue to make a difference, well beyond your lifetime.
It’s no secret that New Zealanders are a generous lot. Recently published research by Philanthropy New Zealand shows that Kiwis give more than $1.2 billion of their annual national income to charities. We’re even becoming smarter when it comes to how we give – over the last few years there has been an upsurge of newly registered charitable trusts. Public Trust manages more than 400 charitable trusts which generate funding for interests as diverse as poverty relief, education, the arts, disability and agriculture. We asked Public Trust about the appeal of charitable trusts and why more people are setting them up.
An inter vivos trust can provide greater protection from claimants because there is no will for anyone to contest. It also allows the person establishing it, the settler, to give some direction in setting their trust’s course which will continue long after they’re gone. Settlors can also directly see how the trust can benefit the causes it was set up to help right from its early years.
Charitable trusts best suit people with around $200,000 or more they’d like to give to charity. Of course many people don’t have such large sums of money available to do this. However, there are other options when it comes to giving. For example, you can join an existing trust and get the same benefits or include charitable giving in your family trust.
The major benefit is that through careful investment your original bequest can live forever. One of the trusts managed by Public Trust, the TG Macarthy Trust, was established in 1912 and was worth about $470,000 in today’s money. Through prudent financial management over the last 95 years it has given away more than $46 million to thousands of charitable organisations. Other benefits are that charitable trusts are income tax exempt and do not pay gift duty, so having a trust can make a big difference to future beneficiaries. It’s a much more efficient way of helping your favourite charity than simply giving cash donations from tax paid personal income, says Public Trust. To make the most of these benefits, it’s important to get the right advice from the start. How your trust is set up and managed affects how much money goes to the causes you want to benefit.
The importance of philanthropy to help make a difference to others has never been greater or more needed. Setting up or being part of a charitable trust may be the best way for you to give to the work of TEAR Fund in a way that will continue to make a real difference well beyond your lifetime. If you’d like to know more about setting up a charitable trust, call Public Trust on 0800 371 471.
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