Crossed Keys Society
Those who make provision in their Will to support St Peter’s College are recognised in their lifetime with membership of the Crossed Keys Society. The society specifically honours and recognises those who have remembered the School in this way. It also acknowledges the pivotal role that Crossed Keys Society members play in securing the future of the School.
The crossed keys were chosen as the symbol for the society as they hold a special place in the hearts and minds of all those who know St Peter’s College. As a member you will receive invitations to special events at the School as well as a membership pin.
We would be honoured to welcome you as a member.
To read more about making a gift in your Will, please see below for some FAQs or speak to us in confidence about your personal passions within the School environment and how they might be reflected in a bequest.
Thank you for considering leaving a gift in your Will to St Peter’s College. You will be leaving a lasting legacy for future generations of Saints boys.
For all enquiries please contact Emily Drewniak, Development Manager on +61 8 8404 0518 or EDrewniak@stpeters.sa.edu.au
What is a bequest?
A bequest is a gift specified in your Will. It is an instruction contained within a Will and specifically reserves part of or all of an estate to a particular beneficiary, whether a person or an organisation.
A bequest is an opportunity for you to make a tangible and lasting gift without affecting your financial situation during your lifetime.
Often a bequest is the largest gift that someone will ever make but may also be relatively modest. Whether large or small, a bequest can help reflect in death what has been important to you in life. It can serve as a testimony to your values and beliefs.
Why leave a bequest to Saints?
Once you have taken care of those closest to you, including Saints in your Will will be an investment in the future of our students and the quality of their education – a meaningful way to recognise your connection to the School.
Since the School’s foundation in 1847, the School has been sustained and developed from generation to generation by wonderful, inspiring acts of generosity, large and small. By leaving a bequest, you are recognising the value the School provides to the wide community through the exceptional education of our boys that inspires them to want to make their own lasting, positive contribution to society.
What types of bequests are there?
Specific bequest (sometimes also known as a pecuniary bequest): a specific sum of money or specific assets in the form of property, shares or items of value, such as works of art, jewellery or furniture. Please bear in mind that the gift may fail if you have subsequently disposed of the specific assets.
Residuary bequest: a gift of either a percentage or the entirety of what is left of your estate after all of your other wishes have been carried out and expenses in finalising your estate have been met.
What happens to my bequest?
Your executor will contact the School so that we can start working together to fulfil your wishes. The School will involve any family members, as advised by the Executor, so that they can be involved in your legacy, if they so choose. The School will ensure that ongoing generations are aware of your generosity and the impact you have made through your gift, unless you have indicated the gift should remain anonymous.
How are the funds managed?
Depending on the specific terms of your Will, your gift will either be disbursed immediately in keeping with your wishes, or in the absence of any specific direction, it will be held in the School’s Endowment Fund to be expended on the School’s area of highest priority according to the School’s policy at the time. The key financial objective of the fund is to provide long term capital growth as well as a stable annual income stream in perpetuity. In order to assist with reaching these goals, monies received are invested with professional fund managers by the School’s Investment sub-committee. While the distribution of income from your gift will be managed according to your wishes, it is important to note that investment decisions are at the discretion of the School and the performance of the fund is regularly reviewed by the Foundation Board.
How should I word the bequest?
If you would like to leave a gift in your Will to St Peter’s College, we have provided the following clauses for your consideration. It is recommended that you seek independent legal advice when drafting your Will, as tax, among other things may need to be considered depending on the recipient and the assets bequeathed.
Bequest to specific fund:
“I GIVE [my whole estate] or [the residue of my estate] or [X% of the residue of my estate] or [the sum of $] to [St Peter’s College Foundation Building Fund] or [the trustee for St Peter’s College Foundation Inc. Museum Trust] or [St Peter’s College Foundation Library Fund] or [the trustee for St Peter’s College Scholarship Trust] of Hackney Road, St Peters, SA 5069. I DECLARE that the receipt of the Treasurer or other authorised officer for the time being of St Peter’s College Foundation Inc. shall be a sufficient discharge to my trustees who shall not be responsible to see the application of the gift.”
The Scholarship Trust, Building Fund, the Museum Trust and the Library Fund are all deductible gift recipients for tax purposes.
Unrestricted Bequest to St Peter’s College Foundation:
“I GIVE [my whole estate] or the [residue of my estate] or [X% of the residue of my estate] or [the sum of $ ] to St Peter’s College Foundation Inc. of Hackney Road, St Peters, SA 5069, to be applied by the Foundation as it sees fit. I DECLARE that the receipt of the Treasurer or other authorised office for the time being of St Peter’s College Foundation Inc. shall be a sufficient discharge to my trustees who shall not be responsible to see the application of the gift.”
The Foundation is not a tax-deductible gift recipient for tax purposes.
Please seek independent legal advice to ascertain whether this is relevant to you.
What is the quickest and easiest way to make a bequest?
If you already have a Will, you may simply add a codicil to include St Peter’s College – a straightforward and inexpensive procedure.
If you do not have a Will, we strongly recommend that you seek professional advice about establishing one, at your earliest convenience. It is never too early to think about estate planning.
What is a codicil?
A codicil is a document that amends, rather than replaces a previously executed Will. A codicil must be signed and witnessed with the same formalities as those used in the original Will’s preparation.
If I decide to make a bequest, do I need to contact St Peter’s College?
By informing the School about your bequest, you enable us to thank you in your lifetime. For those who are interested, we also like to keep you informed and involved in the life of the School.
You may also wish to be recognised as a member of The Crossed Keys Society.
What if I change my mind?
You can change the amount or cancel your bequest at any time. We strongly recommend that you consult a professional when making changes to your Will to ensure that your amendments are captured correctly.