Frequently Asked Questions about Gifts in Wills
To see whether making a gift in your Will is the right decision for you, please take a look at our Frequently Asked Questions. If you’d like to talk to someone in person about leaving a gift to the Graeme Dingle Foundation in your Will, please contact us here.
Is it possible for my will to keep my family’s needs uppermost after I have taken care of my needs during my lifetime and still effectively support the Graeme Dingle Foundation?
Absolutely. Most of our gifts through Wills come from modest and caring New Zealanders who look after their family appropriately first and then invest in the well-being of others by supporting a charitable purpose like the Graeme Dingle Foundation.
Is my gift in my will tax deductible?
No, however, any gifts made within your lifetime are. New Zealand resident taxpayers receive a 33.3% tax credit on any gift over $5 per annum (up to a limit of total net taxable income for all gifts combined in a given tax year). If tax deductibility is important to you, talk to us about leaving a “Living Legacy”.
Can I donate in honour of a loved one, or an important milestone?
Yes, this a very powerful way to honour a loved one, or mark an important day. Talk to us further about how to make this happen.
What does it cost to make or change a will?
Costs vary greatly, however a simple Will (made for example through The Public Trust) can be made for around $100-200, with more complex Wills costing upwards of $500 or more. Making a simple change in your Will, such as adding a gift to a charitable organisation such as the Graeme Dingle Foundation Forever Fund, may only cost around $50-$200.
The Foundation is delighted to partner with Footprint who provide our supporters with a discounted Single Will from $25. For more information click here.
These estimates are based on average costs across various public providers and Will services. The values will be higher or lower depending on whom you have or choose as your provider/law firm/solicitor and the complexity of the contents or any changes in your Will.
How will the Graeme Dingle Foundation use my gift?
All ‘Gifts in Wills’ (also sometimes known as Bequests or Legacies), unless otherwise specified, are used for “greatest needs” which support the Foundation’s strategic priorities set by the Board.
All Gifts in Wills go towards our Graeme Dingle Foundation Forever Fund, which provides a reliable funding stream by investing and growing the charitable Gifts in Wills we receive. The capital is preserved with interest off the capital used annually to achieve our mission of helping young people realise potential.
The perpetuity model means your generosity will enable us to deliver on our purpose of helping young people realise their potential. The perpetuity model means your generosity will enable us to deliver on our mission to make New Zealand the best place in the world to be young.
Giving to an endowed fund model is a smart way to give as it makes your generosity go further and your gift lasts forever.
What are the main ways that people include the Foundation in their will?
There are many ways to include the Graeme Dingle Endowment Trust in your Will. The most frequent types of gifts are:
- Giving the residue of your estate or a part of what remains after your loved ones have received their share.
- Giving a percentage or proportion of your estate. This ensures that the Foundation receives the share of your estate that you desire, no matter how much your estate may have increased or decreased since you made your Will.
- Giving a specific amount of money or an asset such as shares, a life insurance policy or property.
Can I remain anonymous if I give a gift in my will?
Absolutely. Whilst we like to know that you have given a gift in your Will to our Foundation so we may show our gratitude, we understand that some people prefer to remain anonymous and we respect that decision. If you choose to let us know, you can trust that every gift is given in complete confidence and any request for anonymity will be forever upheld.
Glossary of Terms
Administrator: This is someone who is appointed by law to settle your affairs if you die without leaving a Will, or if the person named as executor in your Will does not act.
Beneficiary: This is someone who has received a gift in your Will.
Bequest or Gift: This is a donation in your Will.
Codicil: This is a change or addition made to an existing Will.
Endowment: This is a perpetuity model that invests and grows monetary gifts received and offers a long-term reliable funding stream for Graeme Dingle Foundation. The Graeme Dingle Endowment Trust and its Forever Fund include endowed funds from Gift in Wills donors and sometimes other donors. These are managed separately, yet are part of the overall investment fund. All investment proceeds from these gifted funds are set aside for their designated purposes.
Estate: This is the total of what you leave when you die.
Executor: This is the person you appoint in your Will to see that your wishes and instructions are carried out.
Intestacy: This is the name given to the situation that arises when someone dies without leaving a valid Will.
Legacy: This is an amount of money or property left to someone in a Will. It can also be interpreted as the everlasting effect of leaving a significant or transformative gift of time, talent or treasure.
Living Legacy: This is all about life and living and caring about your world during your lifetime. During your lifetime, you have a unique opportunity to draw meaning by helping others in a way that is meaningful to you. This gift is made as you would intend to in your Will, but the payment of the gift is made whilst still alive. In this way, you can claim donation tax benefits and also experience the impact your gift makes during your lifetime.
Partial Intestacy: This is when someone’s Will does not dispose of the whole of their estate.
Pecuniary Gift/Bequest: This is usually a sum of money or a percentage of the value of your estate given to a particular person or organisation.
Probate: This is the legal procedure to validate a Will.
Residuary Gift/Bequest: This is a portion of your estate, or the balance remaining after loved ones and expenses are provided for.
Residue: This is what is left of your estate after all expenses have been paid and any pecuniary and specified gifts have been made.
Specified Gift/Bequest: This is where a particular item of value (ie: shares, property, land, jewellery or works of art) is gifted to a particular person or organisation.
Testator (male) or Testatrix (female): This is the person who has made the Will.
Will: This is a written instruction on how a person’s property is to be distributed on that person’s death. To be effective it must comply with the correct legal procedure.