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Home / Getting involved
/ The Heritage Circle |
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The
"Heritage Circle"
The Botanical Society of South Africa stands at the forefront of the
struggle to preserve our rich diversity of plant life. Our members are
passionate about this commitment and lend support in a variety of
different ways, through subscriptions, donations and bequests.
Including a bequest to the Botanical Society of South Africa in your
will is a way of making a substantial gift, without having to spend
money now. Only when you no longer need it will the money be put to work
for generations to come, to preserve the flora that has meant so much to
you .
This could be your memorial: a living, green space that will endure
way beyond your lifetime as a testimonial to your vision and hope for
the future.
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What is a bequest?
A bequest is simply a gift of money or property (real estate, motor
vehicle, jewellery, antiques, etc.) that is left to an individual or
charitable institution in your Will. Besides a set amount or specified
item, you can also bequeath: A percentage of the estate -
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often the better option, since it is
difficult to predict what you estate will be worth at the time of
your death. By giving a proportion of the total, you ensure that all
your beneficiaries receive their fair share. The residue -- what is
left over after all costs, debts and other bequests have been made.
You can bequeth the entire residue to the Botanical Society of South
Africa or apportion it among several worthy causes.
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Usufructuary right and bare dominium --
a system whereby a beneficiary given usufructuary right (your spouse
or children) may use an asset (such as your house or a motor
vehicle) during their lieftime, after which the bare dominium (i.e.
ownership) passes to another beneficiary, such as the Botanical
Society of South Africa.
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The proceeds of a life assurance policy -- often taken out in the
early years to safeguard a young family and which may no longer be
necessary once the children have grown up. You can also take out a
new policy naming the Botanical Society of South Africa as the
beneficiary.
If you do plan to make provision for the Botanical Society of South
Africa in your will, please avoid placing restrictions on your gift
which may prove inappropriate in the unpredictable future. It is far
better to leave the management of your bequest to the good judgement of
the organisation's leaders at the time.
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How to make a bequest
If you add a bequest to an existing will, this can usually be done by
means of a codicil, which is simply and additional form read in
conjunction with the will. Like the will itself, the codicil needs to be
correctly worded and witnessed by two people, neither of whom stand to
benefit from either the will or the codicil.
On no account should you write additional instructions onto the
original will or cross anything out -- you may invalidate the entire
document.
If you wish to add a bequest to the Botanical Society of South Africa
by means of a codicil, a form is available for you to download and
print.
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What to do first
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Seek expert advice
Whereas it is possible to draft your own will, it is far safer to
seek professional advice. Even the simplest wishes must be put into
the proper legal language and correctly signed and witnessed.
A lawyer, accountant, financial advisor, bank or trust company
can also help you plan your will in such a way as to minimize death
duties and keep it flexible to allow for future events.
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Decide on an executor
If you want your spouse, grown up son or daughter or a personal
friend to be your executor, bear in mind that they will need to be
capable of taking charge of your financial affairs and dealing with
the courts, tax office etc. If you think they may need help,
consider appointing a trust company or other professional as a
co-executor.
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Appoint a guardian for minor
children
As with the choice of executor, you should check with the person
beforehand to make sure that they are willing to perform this role.
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Draw up a list of your assets and
liablities
Your assets(real estate, motor vehicles, furniture, jewellery,
savings, investments, pension benefits and life assurance) less your
liabilities (mortgage bond, loans, HP and credit card debts, tax
etc.) gives you the value of your estate.
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Decide who your beneficiaries will
be
You must make fair provision for your immediate family, otherwise
they may be able to challenge your Will in court. Apart from your
spouse and children, you may also want to include good friends,
other relatives, servants, your church and other institutions.
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Note your preference regarding
funeral arrangements
Burial or cremation, instructions regarding the scattering of
ashes or organ donation should be included in your Will.
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How estate planning saves you money
If your net estate is worth over R 1 million* at the time of your
death, your heirs will become liable for estate duty at the rate of 20%.
However, there are several ways of reducing the amount of tax payable,
including:
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Donating assets to
potential heirs during your life time
Although such assets are deemed to form part of your estate for
estate duty purposes, calculations are made on the value of theasset at
the time it was donated, not at the time of your death. By donating
assets such as real estate or an investment portfolio, which increase
considerably in value over time, you can minimise the estate duty
payable.
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Forming a trust
Another way of avoiding estate duty is to place certain assets in
a trust, rather than in the hands of your beneficiaries.
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Making charitable donations
Money left to registered non-profit organisations in your Will is
not only exempt from donations tax but, because it is subtracted
from the net value of your estate before tax is calculated, can
reduce the tax liability overall. Money which would otherwise go to
the taxman will be used instead to support a worthwhile cause of
your own choosing.
These simple examples illustrate the tax saving possibities of
careful estate planning. However the legal complexities are such that
you should take expert advice, especially if your estate is substantial.
* Please consult your financial advisor for the current figure.
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The "Heritage Circle"
You have read about the tax benefits of leaving a
bequest to an organisation such as The Botanical Society of South
Africa. But there is a much more important reason why you may wish to
consider such as gift. Quite simply, it is the most enduring and
far-reaching way of ensuring that your interest in, and concern for, our
natural heritage lives on into the future.
If you decide to take this step, you will
automatically be made a member of the Heritage Circle of The Botanical
Society of South Africa, and exclusive group of people who feel as you
do, that our efforts to preserve our rich diversity of flora -- much of
it unique to southern Africa -- must continue beyond our own lifetime.
As a member of this select group, you will receive
invitations to exclusive functions, where you will meet specialists in
the field and mix with those who share your vision. You will also be
presented with a beautiful photograph album of hand-made paper.
Please let the Society know if you have made, or are
considereing making, provision in your Will for The Botanical Society of
South Africa by contacting Mrs Zaitoon Rabaney at Telephone +27 21
797-2090 or Fax +27 21 797-2376 for further information.
Doing so will not place you under any obligation and
any information you provide to the Society will be treated in strict
confidence -- but knowing your intentions helps the management to plan
for the future, and gives them an opportunity of thanking you now for
your generosity and inviting you to join The Heritage Circle.
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