Your Bequests
Do You have the Will to Prevent Cruelty to Animals?
WHAT A BEQUEST ENTAILS
A bequest is simply a gift (usually to charity) that is provided for in someone's will. Many people feel the need not only to provide for their family and friends, but also to make some contribution towards society at large - sending a message of goodwill to future generations.
In this case, a bequest empowers the dedicated staff and part-time volunteers of the SPCA to do their utmost to avoid the suffering of innocent animals.
THE DIFFERENT FORMS A BEQUEST CAN TAKE
Bequests don't necessarily have to be made in cash. They can take the form of real estate, personal property, even a certain percentage of an estate - either as an outright bequest or in trust.
It's also possible to allocate the residue of your estate, i.e. whatever remains after you've made provision for your loved ones. If you wish, you may even sign over an existing life insurance policy or take out a new one naming the SPCA - Randburg as the beneficiary.
In terms of Section 4(h) (ii) of the Estate Duty Act, 45 of 1955, all bequests or accruals in favour of the SPCA - Randburg are deductible for estate duty purposes. The law also protects your right to cancel your bequest at a later stage, should you wish to do so, or should your circumstances so dictate.
Changes in your financial situation, and in tax law, make it essential that you review your will regularly. All you need to do in order to update it is to write a codicil - a legally binding instruction that effectively changes the document without having to redraft a new one. This codicil is then attached to your Will.
If you wish to make a bequest to the SPCA, a codicil form can be provided to you on request. You then sign it before two witnesses, and attach it to your will.
BENEFICIARY NOMINATIONS
When making out your will, it is important that you specify the SPCA - Randburg at 229 Northumberland Avenue,
North Riding where you wish the proceeds of your will to accrue.
For example, if you wish that your bequest accrues to the SPCA- Randburg, be specific and indicate this clearly in your will. If you do not do so then, in terms of the SPCA Act No. 169 of 1993 the NSPCA may decide the destination of the funds and they may not necessarily go to the SPCA for which it was intended by you.
If you have any queries please feel free to contact us.