Gifts to outlast your lifetime

You may not have heard of Cyril Smith – a self-made man who started out by sweeping the floors of his dad’s small joinery factory in the early 1900s. But his name and legacy is well known to the numerous organisations he has gifted bequests to and who continue to benefit from his generosity, today.

Bequests are a way to support the people and causes you care about after you’re gone and regardless of how big or small, these gifts will be welcomed by those who receive them.

They can take many forms, but are often considered as the following:

• Residuary bequest – a gift of whatever is left after all other gifts have been distributed
• Specific bequest – defined as something distinguishable you leave in your will
• Whole estate – a generous gifting of an entire estate

Gifts can take the form of assets such as stocks, property and jewellery or provide money to family members, friends, community groups or charities. For charitable or not-for-profit organisations, bequests can be an important source of funding and when leaving one to someone closest to you, it can be an enduring gift that becomes part of your legacy.

Leaving as little as one per cent of your estate can make a tremendous difference without you having to compromise on making sure those closest to you receive something significant as well.

The Charities Register is a database of all registered charities in New Zealand that might help people to make informed decisions of where they might like to offer support.

Another consideration could be The Gift Trust, where your bequest will be allocated to those who need it most.

Information courtesy Public Trust