Leaving a legacy

Nursing is much more than a job. Often the passion for the profession is passed from one generation to the next. Sometimes as family members, other times as mentors and some nurses have created research funds, scholarships or grants through gifts in their wills to support future generations of nurses. There is a history with both The College of Nursing and the Royal College of Nursing, Australia receiving generous gifts from members wills. These gifts can lead to one-off support of a nurse and in some cases, the gift is substantial enough that it can be invested with the annual return funding future generations of nurses in perpetuity.

 

 

Living Legacy

A Living Legacy is where a donor wishes to make a substantial gift to either add to an existing endowed gift or to create an endowed gift in its own right. An endowed gift is a sum of money where the entire amount is invested, and the annual earnings of that gift are used to support a particular cause. For example, an amount of $10,000 will earn approximately $500 per year. The $500 can then be offered as a grant on an annual basis in perpetuity. 

An increasing number of Australians are choosing to support causes that they are passionate about by making a substantial gift during their lifetime. By giving to the ACN Foundation in this way, you are be able to see the results of your gift and potentially meet the nurses who personally benefit from your contribution. Being able to see the positive impact your donation is having on the future of nursing is an immensely fulfilling feeling!

To discuss how you can make a Living Legacy, please call the Director of Philanthropy on 02 6283 3460 or email info@acnfoundation.org.au.

 

Leaving a legacy gift in your Will

A legacy gift is a planned future donation to a charity through a Will.

Examples of legacy gifts include:

  • A specific amount of money
  • A percentage of your estate
  • The whole of your estate or the residue of your estate after you have made gifts to friends and family
  • Other assets such as property, shares and works of art.

 

Leaving a gift in your Will is easier than you think

If you are making a Will, we recommend you seek legal advice and inform your family of your decision.

Should you already have a Will, you could simply add a codicil (a new clause that alters the original Will to make allowances for your additional wish).

Once you have decided how you would like your gift to be used, we would be happy to provide you with more specific guidance. The following wording is a general guide for you and your legal adviser:

I give [my estate] or [portion/the residue of my estate] or [the sum of $____] to the Australian College of Nursing (ACN) Foundation (ABN 55 745 393 419). I express the wish without creating a binding trust that the funds be used and applied for the purposes of ………………. or if the purpose no longer exists then for a similar purpose at the discretion of the ACN Foundation. I declare that the receipt of the authorised officer of the ACN Foundation for the gift shall be a sufficient discharge to my trustees.

Please contact us on info@acnfoundation.org.au or 02 6283 3460 to discuss how your generosity can impact the future generations of nurses.

 

Frequently asked questions

Here are some questions that we are frequently asked in regards to legacy gifts:

Q. Why do I need a Will?
A. A Will is a legal and binding document that protects and shares your legacy according to your wishes. Every person over the age of 18 should have a Will.

Q. Can I make a gift in my Will to more than one charity?
A. Yes, your solicitor can arrange this for you.

Q. Do I need to leave my entire estate to ACN Foundation?
A. No, you don’t have to, and we strongly encourage you to ensure that you look after your family and/or loved ones first and discuss your decision with them.

Q. Should I let someone at the ACN Foundation know that I have left a gift?
A. Yes, by letting us know it helps us better plan for the future and we like to meet and acknowledge our supporters when we can.

Q. Can I remain anonymous?
A. Yes, simply advise your solicitor or us of your wishes.

Q. I have already made my Will, is it too late to change it?
A. No. Changing your Will and adding a gift to the ACN Foundation is easy, all you have to do is make a ‘codicil’ (or a document that amends a previous executed Will) when you next see your solicitor, just take a copy of our wording with you and they can simply update your existing Will for you. We know that leaving a gift in your Will is by no means an easy decision. And we appreciate you giving this significant decision your time and consideration. While we are not able to give you legal advice, the ACN Foundation Director of Philanthropy is happy to provide you with information on how a gift in your Will can make an extraordinary difference to the lives of nurses, both now and in the future.

Please feel free to email info@acnfoundation.org.au with any questions you may have or to request a visit from our Director of Philanthropy.

 

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