St Peter’s College exists today because of the generosity of old scholars, parents both current and past, grandparents and staff. No matter the size or nature, a Gift in Will can leave a lasting legacy and have a profound impact on the lives of current and future students.
Once you have taken care of those closest to you, including St Peter’s College in your Will is an investment in the future of our students and provides a meaningful way to recognise your connection to the School.
Those who to choose to leave a Gift in Will, are recognised as members of the Founders’ Circle, established to acknowledge those who have left a bequest during their lifetime. To read more about making a Gift in Will, please see the FAQs below or speak to the Development team in confidence. Thank you for considering leaving a Gift in your Will to St Peter’s College.
If you do not want to support one of those specific funds you can also support the School through making a gift directly to the School.
FAQS
Why leave a Gift in Will to St Peter's College?
Once you have taken care of those closest to you, including St Peter's College in your Will will be an investment in the future for our students and the quality of their education – a meaningful way to recognise your connection to the School. Since our foundation in 1847, St Peter’s College 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 wider community through the exceptional education of our students. This education inspires them to make their own lasting and positive contribution to society.
What types of Gift in Wills are there?
Specific bequest (pecuniary bequest) is 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. A residuary bequest is 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. The School or the Foundation prefers gifts of cash where possible. If you would like to donate a specific asset such as property, shares or items of value, such as works of art, jewellery or furniture, please contact the School or the Foundation (if donating to a specific fund), as consideration may need to be given to whether the School or the Foundation can accept the specific asset.
What happens to my Gift in Will?
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, and will let you know how that will be achieved 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 by the School 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 Endowment Fund is to provide long-term capital growth as well as a stable annual income stream in perpetuity. To assist with reaching these goals, monies received are invested with professional fund managers by the School’s Investment sub-committee. 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 my Gift in Will?
If you would like to leave a Gift in 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 the [St Peter’s College Foundation Building Fund] or [the Trustee for St Peter’s College Scholarship Trust] or [St Peter’s College Foundation Inc Museum Trust] or [St Peter’s College Foundation Library Fund] of Hackney Rd St Peters SA 5069 and I declare that the receipt of the Treasurer or other authorised officer of St Peter’s College Foundation Inc. at the date of my death shall be a full and sufficient discharge for my executors.” 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 Building Fund, Scholarship Trust, Museum Trust and Library Fund are endorsed deductible gift recipients for tax purposes. Although donors are free to choose between any of the four funds, the Scholarship Trust and Building Fund have the greatest need. Page 5 St Peter’s College 7068820 Unconditional gifts can be directed to immediate needs, and reduce the risk of creating separate trusts and associated administration and cost. It is always beneficial to have access to both the income and the capital value of the gift. By imposing certain purposes and provisions in a gift, donors with the best of intentions can inadvertently create separate (and potentially non-charitable) trusts, which may inadvertently cause adverse and avoidable tax consequences, as well as unexpected and unwanted administration and management costs. If you wish your bequest to be used for a specific purpose, please consider using the following wording to ensure that a separate trust is not inadvertently created which may be administratively too onerous to be accepted: AND I EXPRESS THE WISH but without imposing any trust or binding obligation that this bequest be used for X [eg particulars of scholarship, name etc] By directing a donation intended to be used for a scholarship, bursary or prize to the Trustee for St Peter’s College Scholarship Trust for example, with an expression of wishes, implicitly stating that no trust or binding obligation is imposed, but setting out wishes, the donation can take advantage of the deductible gift recipient tax status of the St Peter’s College Scholarship Trust and shared administration and management, ensuring that maximum benefit is derived from the gift. If you have more specific requirements which might result in a conditional gift and thus a separate trust please contact the Foundation, as before the Foundation itself or in its capacity as trustee of one of the relevant funds will accept the gift, consideration will need to be given as to whether the gift constitutes an acceptable purpose and is of a sufficient quantum to provide for ongoing administration costs. In addition, the correct formalities and provisions will need to be implemented to enable the bequest to be accepted. Suggested wording for a gift in your Will to St Peter’s College: I GIVE [my whole estate] or [the residue of my estate] or [X% of the residue of my estate] or [the sum of $] absolutely to [The Anglican Church of Australia Collegiate School of Saint Peter, trading as St Peter’s College ABN 25 774 337 317] of Hackney Rd St Peters SA 5069 and I declare that the receipt of the Director of Finance or other authorised officer of The Anglican Church of Australia Collegiate School of Saint Peter at the date of my death shall be a full and sufficient discharge for my executors. The School is not an endorsed deductible gift recipients for tax purposes, so gifts made to it will not entitle the donor to a tax deduction. Unconditional gifts can be directed to immediate needs, and reduce the risk of creating separate trusts and associated administration and cost. It is always beneficial to have access to both the income and the capital value of the gift. By imposing certain purposes and provisions in a gift, donors with the best of intentions can inadvertently create separate (and potentially non-charitable) trusts, which may inadvertently cause adverse and avoidable tax consequences, as well as unexpected and unwanted administration and management costs. If you wish your bequest to be used for a specific purpose, please consider using the following wording to ensure that a separate trust is not inadvertently created which may be administratively too onerous to be accepted: AND I EXPRESS THE WISH but without imposing any trust or binding obligation that this bequest be used for X [eg particulars of donation, name etc] If you have more specific requirements which might result in a conditional gift and thus a separate trust please contact the School, as before the School will accept the gift, consideration will need to be given as to whether the gift constitutes an acceptable purpose and is of a sufficient quantum to provide for ongoing administration costs. In addition, the correct formalities and provisions will need to be implemented to enable the bequest to be accepted.
What is the quickest and easiest way to make a Gift in Will?
If you already have a Will, you may simply add a codicil to include St Peter’s College. A codicil is a document that amends, rather than replaces a previously executed Will – a straightforward and inexpensive procedure. If you do not have a Will, we strongly recommend that you seek professional advice about establishing one. It is never too early to think about estate planning. If I decide to make a Gift in Will , do I need to contact St Peter’s College? By informing the School about your Gift in Will, 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 Founders' Circle.
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.
For a confidential discussion about leaving a Gift in Will, please contact the Development Office on:
E foundation@stpeters.sa.edu.au
P +61 8 8404 0528