bequests

Are you one of the lucky ones?

Have you enjoyed a comfortable life, surrounded by a loving family and friends? If so, you may want to use your Will to touch others who have not been as fortunate.

One sentence in your Will could change someone’s life. And it’s the most painless way to give. Because you don’t need to spend any money right now. Only when you no longer need it yourself will your money be put to good use to help someone else. Someone who’s old, destitute and worried about what the future holds.

Imagine if a bequest in your Will could sustain an old age home – serving hundreds of needy elders for years to come. What a wonderful tribute that would be to your memory!

What is a bequest?

A bequest is simply a gift in your Will. These gifts are traditionally left to family members, friends, employees and charities. You can bequeath money or items like a house, motor vehicle, or  jewellery.

How do I make a bequest to TAFTA?

We strongly urge you to seek the advice of a suitably qualified professional – such as your attorney, financial advisor or bank. They will ensure your wishes are legally worded, witnessed and signed.

If you are thinking of including a bequest to Tafta in your Will, or have already done so, please let us know. We would love to thank you personally, and perhaps discuss with you how you would like your gift to be used.

For more information about leaving a bequest to Tafta, please contact our Bequest Liaison Officer at: P O Box 2983 Durban 4000 Or telephone (031) 332-3721.

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 it’s essential to review these bequests from time to time to allow for the effects of inflation or 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 various 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. A policy taken out to cover an outstanding mortgage bond or your children’s education may no longer be needed as you get older. You can cede an existing policy to Tafta, or take out a new one 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.