November 27th 2024.
Ian and Nancy Wood, a couple in their 80s from NSW, have made a significant decision that could potentially save lives for years to come. They have joined the growing trend of elderly Australians who choose to leave a portion of their wealth to charitable organizations in their wills. This decision was not made recently - the couple had drafted their wills many years ago and have since established a charitable trust fund that will continue to donate to non-profits indefinitely.
Ian shared with 9news.com.au that although writing a will may not be the most pleasant task, it brings peace of mind once it is done. With the establishment of their trust fund, the couple makes an annual contribution which ensures that the balance will continue to grow. The process of setting up the trust fund is straightforward, and it allows them to specify which charities they would like to benefit from their donations.
Unlike a one-time lump-sum payment, a charitable trust in a will provides ongoing support to organizations after the donor's passing. This means that the Woods' chosen charities will continue to receive donations for years, possibly even decades, after they are gone. One of the organizations that Ian and Nancy have chosen to support is The Heart Research Institute. Ian's father passed away from a heart condition at a young age, and Nancy's father suffered a heart attack on their wedding day. These personal experiences have prompted the couple to include charitable bequests in their wills to further the institute's life-saving mission.
Ian explained that life can be unpredictable, and there is no telling when a person might need help due to unforeseen circumstances. His father's passing at a young age had a profound impact on him, and he has always been passionate about supporting research for heart problems. The Woods' donations in the past 12 years have already contributed to life-saving heart research, and they hope that their contributions after their death will continue this legacy.
The Woods are not the only ones in their family who have made the decision to leave a portion of their inheritance to charities. Their daughter Phillipa and her husband have also chosen to include multiple charities in their wills. This multi-generational decision to support non-profits is becoming more common. According to research by The Heart Research Institute, close to 20% of Australians are considering leaving donations in their wills, despite the challenges of the high cost of living.
The baby boomer generation, often referred to as the "generous generation," has been leading this trend. The institute's chief executive, Professor Andrew Coats, believes that when people choose to leave a bequest, they are making a conscious decision to leave a lasting legacy and transform the lives of others. It is predicted that by 2050, charitable bequests in Australia will reach $2.5 billion, according to research by Fundraising Institute Australia.
It is important to note that the information provided on this website is general in nature and should not be considered personal financial advice. It is essential to take into account your personal objectives, financial situation, and needs before acting on any information provided. The decision to include charitable bequests in a will is a personal one, but it can have a significant impact on the lives of others and leave a lasting legacy.
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