Your Bequest Legacy – The Gift of Wisdom

Useful Information for Writing Your Will

You can make a specific gift towards the activities of Rigpa Australia for general charitable purposes, including the National Centre, through the Rigpa Fellowship Inc. Your gift can be of a specific amount of money, a percentage of your estate, a specific asset type (such as a house, jewellery, shares, etc.) or the balance of your estate. You can also make a gift directly to the Rigpa Fellowship Building Fund (RBF).

In general, gifts of money from a deceased estate are not subject to tax. In some cases, gifts of jewellery, works of art, buildings, or stocks and bonds from a deceased estate may be subject to Capital Gains Tax (CGT) before it is paid to Rigpa Fellowship Inc. However, you can make gifts of such items from a deceased estate directly to the Rigpa Fellowship Building Fund and no CGT is payable on your gift. (This is a tax-deductible fund established to build and maintain educational institutions where the teachings of the Buddha can be taught).

We strongly advise you to consult a solicitor and your state Law Society to prepare your will so that your wishes are carried out exactly as you intend and your tax liabilities are minimised. You may wish to use the following wording for a gift to Rigpa Australia, but please note: this is not legal advice.

1. For Gifts to Rigpa Fellowship Inc

   “I Give and Bequeath to the Rigpa Fellowship Inc (An Incorporated Association registered with the Australian Securities and Investment Commission (ASIC) as Australian Registered Body Number 123 109 624)

   • the whole of my Estate of whatsoever kind and wheresoever situate
   • ……..% of my Estate
   • and/or the sum of $…. free of all duties and taxes payable at my death

   and I declare that the receipt of the Secretary or other Proper Officer for the time being of Rigpa Fellowship Inc shall be sufficient discharge for my trustees. It is my wish and intention that these funds be retained and used in full by Rigpa Fellowship Inc for its general charitable purposes. If at my death The Rigpa Fellowship Inc has ceased to exist or has amalgamated with another organisation or has changed its name my trustees shall pay this legacy to the organisation that, in their discretion, they consider most nearly fulfils the objects of the original organisation.” 1

2. For Gifts to Rigpa Fellowship Building Fund

   “I Give and Bequeath to the Rigpa Fellowship Building Fund Trust (A Deductible Gift Recipient endorsed by the Australian Charities and Not For Profit Commission, DGR 439038 )

   • the whole of my Estate of whatsoever kind and wheresoever situate
   • …% of my Estate
   • and/or the sum of $….

   to be used for its general charitable purposes. I declare that the receipt of the Secretary or other proper officer for the Trustee, the Rigpa Fellowship Inc, shall be a complete discharge of my bequest. If at my death The Rigpa Fellowship Building Fund has ceased to exist or has changed its name my Executors shall pay this legacy to the entity that, in their discretion, they consider most nearly fulfils the objects of the original entity.” ¹

Note: for option A or B above, choices (a) (b) or (c) should be followed by the statement, “after the payment of all my just debts, funeral and testamentary expenses and all duties, taxes and charges payable on my Estate at my death.”

If you name a number of ‘residuary’ beneficiaries in your Will, not all of which are charities, you may also wish to include the following clause, to ensure Rigpa Fellowship Inc receives the full value of your gift, free of Capital Gains Tax.

I declare that if the share in my Estate of any beneficiary named in clause [..insert clause number…] does not qualify for exemption from Capital Gains Tax, that share shall bear its own Capital Gains Tax so that the amount received by each beneficiary named in that clause, before the payment of Capital Gains Tax, is the same.

By the Wills Act, all Wills and Codicils must be in writing, signed by the Testator, and attested by two witnesses in the presence of the Testator and each other.

Note 1: It is important to identify the property clearly and ensure that the description is accurate, as an error of detail may cause the gift to fail. If, however, the property is of a replaceable or non-specific nature, it may be more useful to refer to the property generically as that of its type existing in the Estate at the date of death. Eg. Shares, jewelry, real property, money, work of art, etc.