Will FAQ

We are here to make leaving a gift in your Will simple and easy, so we are always here to help.

Here are some responses to frequently asked questions you may find helpful.

• What is a bequest, legacy or planned gift?

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  A bequest, also referred to as a gift in a Will or a legacy, is a charitable donation specified in a Will or other estate plan. It is a meaningful way to leave a lasting impact in the fight against heart disease and diabetes. Future generations will thank you for it.

• Do I need a Will?

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  An up-to-date Will is the only way to ensure that, after you pass, your wishes are carried out as intended. If you pass away without making a Will, you are said to die intestate, and your assets will be distributed according to a pre-determined formula and may not assist your family, friends, or the issues you care about as you intended.

• Is it difficult and does it take long?

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  It is a simple process, but writing a Will is a very personal decision and one of the most significant decisions you are likely to make. So, it is important to take your time, and think through your decision to ensure you provide for the people and causes you care about. It is advisable to consult a solicitor, who can provide an estimate of cost and help you write your Will.

• What types of gifts can I leave?

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  Here are three common ways kind supporters choose to leave a gift to us in their Will:

  Residuary gift
  This is the most effective and popular way to leave a gift in your Will to the Baker Institute. This is the remainder of your estate after taking care of your loved ones. It is an effective way to make a lasting impact as it adjusts to changes in the value of your estate, maintaining its value over time. This is the bequest type we ask our supporters to consider because it should not decrease in value over time.

  Percentage gift
  This involves leaving a nominated portion or fixed percentage of your estate to the Baker Institute. Like residuary gifts, percentage gifts adjust to changes in the value of your estate, maintaining its value over time.

  Pecuniary gift
  This is a specific amount of money designated to the Baker Institute.

• I do not have many assets or money; can I still leave a gift in my Will?

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  You do not have to be wealthy to make a Will. Whoever you are, whatever your personal circumstances, all gifts in Wills come together to help the Baker Institute have an enormous and lasting impact in preventing, treating, and curing heart disease and diabetes.

• I do not have many assets or money; can I still leave a gift in my Will?

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  Leaving a gift to a specific type of work or research might mean that we cannot fulfil your wishes if we are no longer conducting that work or program. Keeping your gift for our priority purposes enables us to use it where it can have the greatest strategic impact when the gift is received.

  Please contact us if you wish to discuss leaving a specific gift in your Will.

• I would like to leave a Gift in my Will to the Baker Institute, do I need a new Will?

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  It is advisable to regularly review your Will as your circumstances change, to accurately reflect your current wishes. If your existing Will still reflects most of your wishes, and you simply wish to make some additions or minor changes, your solicitor can help you create a Codicil. It is important to consult your solicitor to ensure the original Will is not affected.

• What is a Codicil?

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  A Codicil is a legal document that amends your Last Will and Testament, helping you keep your estate plan up to date. With a Codicil, you can change, add, or remove clauses from your Will, so you do not have to rewrite or execute an entirely new document. It is advisable to consult your solicitor to ensure the original Will is not affected. Therefore, even if you have written a Will, it is easy to add a gift in your Will to the Baker Institute.

  Download a Codicil template

• What is the difference between a Will and a Bequest?

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  A Will is a legal document that details the distribution of a person’s estate. A bequest, also referred to as a gift in a Will, is a specific gift or donation mentioned within a Will. 

• Should I inform you I have left the Baker in my Will?

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  This would be our preference as it firstly helps us plan for the future.

  We would also like to recognise your generosity and demonstrate our gratitude to you while you are living. When you leave the Baker Institute in your Will you are invited to join the Baker Legacy Society and receive invitations to exclusive Baker Institute events. Here you will learn about the exciting work being undertaken by our world-class researchers and clinicians.

  However, we understand it is a personal decision so it is completely your choice.

• Can my gift be confidential?

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  We always respect and honour our supporter’s wishes. All the information you provide is strictly confidential.

  Any information supplied to the Baker Institute is treated with the utmost care and confidentiality and is protected by our Privacy Policy.

• What about family and loved ones?

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  We understand that providing for those closest to you may be your priority and we support your decision to do this. Many people find that they can support the people and causes they care about by choosing to leave a Residual Gift. Put simply, this is the remainder of your estate after you have taken care of your loved ones.

• Can I change my mind?

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  We understand that circumstances can change so if you wish to change your mind about including the Baker Institute in your Will, we respect your decision.

  It would also help us immensely if you could please let us know your decision.

• Should I obtain legal advice?

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  It is advisable that you seek the independent advice of a solicitor or financial planner before making or revising your Will.

• What wording should I take to my solicitor?

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  We have made it easy for you. Simply download the suggested wording form and take it to your solicitor to use.

Contact our friendly team

We would love to hear from you and answer any other questions you may have

Call: 1800 827 040

Email: giftsinwills@baker.edu.au

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