An Opportunity to Make a Difference

A gift to charity in your will

Over the next few decades, New Zealand will go through the biggest shift of money in its history. As the older generation (the Baby Boomers) pass away, they will leave behind a huge amount of wealth — over $1 trillion — to their children and grandchildren.

This is commonly referred to as the Great Wealth Transfer. While it is expected that most of this money will go to family, it’s also a once-in-a-lifetime opportunity to help others by leaving a gift to charity in your will.

Looking after family — and the future

When people make a will, they usually focus on taking care of their whānau. That’s important.

But more New Zealanders are also starting to think about the bigger picture. “What kind of world do I want to leave behind?”

Giving to a cause you care about — such as the environment, education, medical research, local charities or community organisations — is a powerful way to leave a positive mark on the world.

A gift – whatever its value — can make a big difference to that cause.

How to leave a gift in your will

A gift in your will is called a bequest. You can choose to leave:

•   A percentage of your estate (all your money and assets)

•   A specific amount of money

•   Something you own (for example, a property or shares), or

•   What’s left over in your estate after looking after your loved ones.

Your bequest can go to one charity or organisation or you may name several in your will, or you may wish to leave a gift to a local community foundation where it can establish a fund in your name that reflects your wishes.

A legacy that lives on

Unlike cash that can be quickly spent, a bequest to charity can keep doing good for years. A bequest could, for example, protect nature, support communities, fund research or help fund scholarships to students.

You can:

•   Let the organisation decide how to use your bequest

•   Say what you’d like it used for, but give them flexibility, and

•   Talk to them first to make sure your gift will help in the best way.

Make a difference

Your will is more than a legal document — it’s a way to show your values and your hopes for the future.

If every New Zealander could leave a gift to charity in their will – whatever its size - together we can create a stronger, kinder Aotearoa.

DISCLAIMER: All the information published is true and accurate to the best of the authors’ knowledge. It should not be a substitute for legal advice. No liability is assumed by the authors or publisher for losses suffered by any person or organisation relying directly or indirectly on this article. Views expressed are those of individual authors, and do not necessarily reflect the view of this firm. Articles appearing in this newsletter may be reproduced with prior approval from the editor and credit given to the source. Copyright, NZ LAW Limited, 2019. Editor: Adrienne Olsen. E-mail: adrienne@adroite.co.nz. Ph: 029 286 3650 or 04 496 5513.