There are different types of gifts you can make in your Will. Some of the options you might consider in discussion with your solicitor or legal representative are:
Bequest
A bequest is a gift of money or property made in a Will. The bequest can be given outright, or made subject to terms such as a preference or condition for its use, or it being contingent on another beneficiary passing away first. Bequests are sometimes also called legacies and there are terms for specific types of bequests (e.g. residual gift, endowment).
A bequest may be a specified amount, or it may be a % of your estate. Please contact the Advancement team to discuss preferred wording for any bequests.
Residual gift
A residual gift is a gift of the balance of your estate once all bequests to other beneficiaries have been distributed.
Endowment
An endowment is a gift which is held forever ("in perpetuity"). The distribution from the endowment provides a permanent income for the beneficiary, or for a particular purpose specified by the donor.
Endowment Fund
An Endowment Fund is an investment fund established and maintained by Adelaide University, consisting of endowments including gifts in Wills, with the objective of providing long term capital growth as well as a stable annual income stream in perpetuity.
Trust
In the University's context, a Trust is a legal obligation on the University to use a gift in a particular way. For example, if a gift were received for the stated purposes of funding research into the causes of cancer, that creates a "charitable trust" which obliges the University to hold those funds for that purpose. A provision in your Will permitting the University to apply the gift to an alternative purpose with similar outcomes, if the intended purpose is no longer possible, can be useful.
The University of Adelaide is trustee of over 500 trusts established by gifts or bequests, providing income for a wide range of purposes including prizes, scholarships, fellowships, research funding, books and publications, and faculty equipment.
We have a University-wide compliance reporting program to ensure that income of each trust is spent for the purpose specified by the donor. For more information, please contact the Advancement team.