Types of Bequests

The Parish welcomes bequests in Wills and these may be in the form of real estate or in personal possessions and resources including money, shares, bonds, artworks, assignments of life policies and other assets.

Designating the Purpose of a Bequest

Unrestricted: The unrestricted bequest is the most useful as it affords discretion to the Parish to allocate funds to the areas of most need.

Directed: An alternative is that the bequest may be directed to support a specific area of interest. Options that may be considered are building or maintenance requirements or the underwriting of teaching or mission activities within the Parish’s area. Intentions may also be to support a particular group within the Parish, provide scholarships or specific equipment and a myriad of other matters. If a special purpose bequest is provided to the Parish, it is important that the bequest is described in as great a detail as possible and that a clause is included which would allow for different uses under altered conditions in the future.

Endowed: An Endowment Fund may be established so that a bequest may be paid to the Parish in perpetuity, with the capital protected and the interest allocated for specific needs within the Parish. The policy of the Parish is that no levy will be charged against the trusts it manages – total benefit is given to the purpose for which the trust has been established.

Bequest Clauses

Clauses for bequests to Our Lady of the Angels Parish are suggested as follows:

Unrestricted: “I give (my estate) or (a specified portion/the residue of my estate) or (the sum of $……..) to the Corporation of the Trustees of the Roman Catholic Archdiocese of Brisbane for the use and benefit of the Religious, Charitable and/or Educational purposes of Our Lady of the Angels Parish situated at Chermside West, suburb in the State of Queensland. I declare that the receipt of the Parish Priest shall be sufficient discharge to my trustees”.

Specific Purpose: Similar wording as above is suggested, with the inclusion of an additional clause after the word Queensland. “I express the wish but without creating any binding trust that if practicable this gift be applied towards……..”

The Parish Finance Council has directed that the wishes expressed by the benefactor must be kept to as closely as possible in the use of specific purpose gifts of this kind.  It is recognised, however, that in a small number of cases, donors may be firmly committed to a particular cause so that they wish to exclusively direct their bequest for that specific purpose. The following is suggested for them:

Directed Purpose: Similar wording as above is suggested however the directed purpose should be stated as broadly as possible.

Recognition

Recognition of bequests to the Parish is considered dependant on preference and level of donation.