A GIFT IN YOUR WILL
Most of our gifts from wills come from modest and caring New Zealanders who look after their family and friends appropriately before acknowledging their special appreciation for their University by including The University of Auckland in their wills. A small percentage of what’s left after you’ve made your gifts to your loved ones can go a long way to enhancing New Zealand’s social, environmental and economic wellbeing. Through working with our philanthropic supporters over many years, we are proud to have played a leadership role in stimulating New Zealand’s artistic and cultural life, enhancing innovation and economic prosperity, contributing to improvements in the health and wellbeing of the population, and fostering the debate and independent thinking that characterise our nation.
Suggested wording for your will
“I give and bequeath
[amount in words] pounds;
(A specific percentage) of my estate;
(The whole or a specific percentage) of the residue of my estate;
(Describe precisely the item of property),
free from all duties and charges, as a contribution to The UK Friends of The University of Auckland, registered charity number 1090141, c/ Chapel & York Limited, 12 Ladycross Park, Hollow Lane, Lingfield, RH7 6PB, United Kingdom. to be applied for (stated purpose) at The University of Auckland for which the receipt of The UK Friends of The University of Auckland shall be sufficient discharge to my trustees.”
A gift in your will and UK inheritance tax laws
By leaving a portion of your estate to the UK Friends in your will, your estate may avoid paying inheritance tax on that portion. The recipient organisation specified must be the UK Friends (as outlined above) – a designation naming “University of Auckland” or similar will not be eligible for tax advantages. If your estate is worth over £325,000 when you die Inheritance Tax may be due. Including a gift to a registered UK Charity in your will may reduce the applicable inheritance tax rate. We advise first talking to your personal advisor about the options best suited to your circumstances and the taxation implications specific to your estate.
An article explaining the main rules and upcoming changes appears on the HM Revenue and Customs website “Inheritance Tax: main residence nil-rate band and the existing nil-rate band”
Ensuring your intentions are carried out
The “Statement of Intentions” represents the collaborative efforts of the University of Auckland and the donor in striking the best balance between achieving the donor’s long-term objectives and in supporting programmes and projects of on-going relevance and importance at the University.
A “Statement of Intentions” could include information regarding:
The distribution schedule for funds (commencement date, tenure, frequency etc.)
The process of distribution (decision-makers, application process etc.)
The recipients – criteria for the entity or for the individual (departments and Faculties, programme or research objectives, qualifications and grades, personal and financial situation, contribution to community or profession etc.)
Type of expenditure (tuition fees, capital expenditure, travel grants, research materials etc.)
How the University or an individual will recognise and acknowledge the bequestor (or bequestors nominee)
Normally, what works best in terms of a sequence of events is:
University development staff member clarifies and details the donor’s wishes.
University development staff member communicates these to the appropriate academic(s) or administrator(s) with approximate gift date and other relevant info if available (likely amount, contingencies etc.) and seek an endorsement from them – as being workable instructions.
University development staff member checks if the statement could be too restrictive with the University of Auckland Foundation and amend according to their recommendations.
University development staff communicates the suggested Statement of Intentions to the bequestor making it clear that the statement is able to be amended without re-writing of their will and that a copy will be retained at the University of Auckland to ensure the gift is applied appropriately.
We would be very happy to correspond with you in drawing together a Statement of Intentions that meets your satisfaction if that would work for you.
Sue Sargent, Executive Director, UK Friends
UK Friends of The University of Auckland
c/o Chapel & York Ltd
12 Ladycross Park, Hollow Lane
Lingfield, RH7 6PB, United Kingdom