Willpower: A little for perpetuity..
12 February 2022
Alexander Turnbull — bequeathed his library to the nation in 1918 ATL Ref: 1/2-032603-F: Alexander Horsburgh Turnbull - Photograph taken by Van der Weyde
The Baby Boomer generation, often defined as those born between 1946 and 1964, is about to leave ‘the greatest transference of wealth in history’, to the next generation.
Research is currently being undertaken by the Fundraising Institute of New Zealand, to better understand the impact of this on Charities, with a full report to come in March 2022.
“The initial study concluded that around 5% of the public have already made provision for a gift in their Will to Charity with a further 21% likely to or considering doing so. However, 38% of the public are currently understood to not have yet made a Will with 1,500 people dying intestate annually in New Zealand.”
Therefore, it is important to prepare, as without action (and two independent signatories), your wishes may not become a reality.
Family will always come first. But there may well be an item that you think may be significant to the nation. Whether a heritage item (and that does not necessarily mean old) or a financial donation, your gift could span generations and leave an enduring legacy for future New Zealanders.
There are several ways you may consider doing this:
- Physical items that you may wish to leave to the Alexander Turnbull Library, to be retained in perpetuity, must first be assessed by a curator for acceptance into the collection.
This is easily done by sending a brief description, the item’s provenance, and photograph along with your intentions, to atl@dia.govt.nz. This will be the start of the assessment for acceptance.
- Physical or investment items that you wish to transfer to the Alexander Turnbull Library Endowment Trust, will be assessed in the first instance for acceptance into the Library (above) or sold to be incorporated into our investment portfolio.
- A financial or physical gift in your will of either a definitive or residual donation, can be made by preparing a short codicil to your will. This can be done through your solicitor to ensure your gift is left how you wish. Suitable wording with specific identification of the charity would be:
"I give to the Alexander Turnbull Library Endowment Trust Board, registered charity CC22367 either:
- a percentage of my estate, or
- the residue of my estate, or
- a specific sum of money, or
- write a description of property or assets
for the general purposes of that trust board and, for which the receipt of the Alexander Turnbull Library Endowment Trust Board Trustees or other proper officer shall be full and sufficient discharge to my trustees."
“The most common touch points at which a discussion regarding the making/changing of a Will is both possible and sensible – children, blending family’s, house purchase, family law, custody management, widowhood - are all natural times for such discussions.”
“Whether utilising a professional trustee company with both Will drafting and management experience, or a general practitioner Lawyer, you can make a difference by leaving a gift to charity, after you have looked after your family and friends.”
We all need to consider final arrangements. And at times it is not easy to consider. But it is important that your lifetime’s accumulated assets, are distributed as per your wishes. Just as Alexander Turnbull had the foresight to do.
Final publication of the research finding is scheduled for March 2022.
See the release: Aotearoa New Zealand’s: Willpower here
Should you wish to leave a gift to the Trust, please contact Paula directly or go to https://www.turnbulltrust.org.nz/index.php/donate/