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Legacy giving myths-busted!

Monday, 31 May 2021

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ECU has been the beneficiary of many generous bequest gifts, large and small, over the years. These gifts have been left for all manner of purposes, from creating scholarships, to supporting and furthering research, or simply remembering a loved one.

However, there are some common misconceptions about leaving a bequest to the University. Read on to find out about this uniquely impactful way of creating a lasting legacy…

Myth 1: Only wealthy people leave bequest gifts

Busted: There is sometimes a perception that bequest giving to organisations such as ECU is the domain of wealthy philanthropists. But this isn’t true at all, and in fact, for the “ordinary” person, a legacy gift can be a unique opportunity to make a lasting difference to a cause which is personally meaningful, through their total estate and assets. A legacy gift can be as small or large as you like, and can be for a set amount or a percentage of your overall estate. In fact, around 11% of Australians over the age of 55 have included a charitable bequest in their Will, so this is by no means an uncommon way of supporting a cause close to your heart!

Myth 2: There’s no reason to let the University know I’ve made a bequest

Busted: While it’s true that there is absolutely no obligation for you to get in touch with ECU at the point of writing your Will, it is incredibly helpful to the University to be able to discuss your plans with you while you are defining what your legacy will look like. This means that we can work together to shape your gift in the way, which is most meaningful to you, and ensuring at the same time that it will make the greatest impact possible.

Myth 3: My bequest will just get absorbed by the University, and not be put to the use I intend

Busted: Any philanthropic gift to the University, bequests included, are used wholly for the purpose intended, with 100% of the gift being ringfenced for this purpose alone. Philanthropic gifts are never absorbed by the University into general funds, unless the gift is made as an unrestricted gift in the first place (an unrestricted gift is a gift with no set purpose to be used by the University where the need is greatest).

Myth 4: It would be costly and time consuming to add a bequest gift to my Will

Busted: Although many people update their Will at key life stages, such as getting married or having children, it is relatively easy and cost-effective to add a codicil (an official alteration) establishing a bequest gift to an organisation such as ECU. As an indication, a codicil would usually cost less than $100 to add to your existing Will.

Myth 5: My gift will be a drop in the ocean and won’t make a difference

Busted: This is most definitely not true! Any gift will make a huge impact on future generations, whether that is changing lives through offering scholarships to those suffering disadvantage, supporting world-leading health research or making the generous decision to support programs where the need is greatest. Click here to read more about how philanthropic giving to ECU, large and small, changes lives and shapes the future.

If you are interested in having a discussion about creating a lasting legacy, or if you have already made provision for the University in your Will, please contact Legacy Giving Coordinator Amy Hold on 08 6304 6785 or at a.hold@ecu.edu.au

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