are you one of the lucky ones?
If you've enjoyed a comfortable life, surrounded by a loving family and friends, you may want to use your Will to help older people who are not as fortunate.
Leaving a bequest to TAFTA is the easiest way to make a real difference in the lives of needy seniors, because you don't have to spend any money now. Only when you no longer need it yourself will your money be put to good use to bring care and peace of mind to elderly people facing real hardship and suffering.
If a bequest in your Will helped fund an old age home – providing comfort for hundreds of elderly folk in the years to come – it would be a real achievement, and your memory would live on in the hearts and minds of those touched by your generosity.
What is a bequest?
Bequests are gifts made in your Will to family members, friends, employees and charities. They often take the form of a fixed sum of money or an item such as jewellery, furniture, etc which may have monetary or sentimental value to the recipient.
How do I make a bequest to TAFTA?
To ensure the correct legal wording is used, and the most appropriate form of bequest is chosen, it's best to seek the advice of a suitably qualified professional – an attorney, financial advisor, banker or whoever holds your current Will. If the change to your Will is a small one, they will probably arrange for a Codicil to be added, rather than writing a complete new Will.
If you would like further information about leaving a bequest to TAFTA, please write to our Bequest Liaison Officer at: P O Box 2983 Durban 4000 Or telephone (031) 332-3721. If you have already included a gift to TAFTA in your Will, or are planning to do so, please let us know. Your gift is of great value to us and we would like to thank you personally, and perhaps discuss with you how you would like it to be used.
Types of bequests
A bequest is simply a gift stipulated in a Will, that goes to the recipient following the death of the person who made the Will.
There are several different types of bequests, including:
- A fixed sum of money - this is the most common type of bequest, but if you include these in your Will, you need to review it from time to time to keep up with inflation and changes in your circumstances;
- An item of property, such as a house or car, jewellery, antique furniture or artworks. Again, you need to review your Will from time to time to ensure that you aren't giving away items you no longer own;
- A percentage of your estate – this option ensures a fair distribution among your heirs, regardless of fluctuations, either up or down, in the value of your estate;
- The residue (or a percentage of the residue) of your estate – what is left after all other bequests, taxes, funeral expenses have been paid;
- The proceeds of a life assurance policy may be ceded – or you could take out a new policy naming TAFTA as the beneficiary.
Before making any decisions concerning the distribution of your assets, you are strongly advised to consult a financial advisor or other suitably qualified professional who can advise you on the tax implications and other issues that may impact on your decision.