Estate planning is an important process which makes provision for the transfer of assets – during life as well as after death – to the people and institutions of your choice.

By including a charitable bequest in your Will, you could make a significant contribution to Wits, which you might otherwise not be able to manage, and in many cases such a gift reduces the amount of estate duty and Capital Gains Tax payable on your death.

Endowing a bursary for a young, disadvantaged student at Wits is not only an estimable gesture, it ensures you will be remembered with affection for years to come.

This is just one of many ways of making a planned or deferred gift. If you are considering leaving a legacy gift to Wits in your Will, we urge you to let us know. Not only will it give us a chance to thank you, it also allows us to discuss how such a gift might best be put to use to advance your vision for the future.

Your gift can also be made without a designated purpose so that it can assist with the University’s priorities at the time. This allows greater flexibility and a way for Wits to meet future needs. The University will always follow the wishes of the person making the bequest wherever possible.

How can I make a gift to Wits in my Will?

How to word your legacy gift

For more information about legacies and bequests, please contact:

The Development & Fundraising Office
E-mail: fundraising.development@wits.ac.za
PO Box 107
Wits 2050

or

Cindy Petersen
Tel: +27 (0) 11 717-9703
Fax: +27 (0) 11 717-9729

 

How can I make a gift to the University in my will?

There are many different ways of making a legacy gift. Naturally you will first want to make provision for your spouse and children when you make your Will. However, most people are able to include one or more institutions or organisations that they value.

As a guide, you may wish to consider these bequest options:

A specific sum of money
This is the simplest form of bequest, but makes no allowance for the effects of inflation or changes in the value of your estate. If you choose this option, you need to review your will regularly to ensure the bequest remains relevant.

A percentage of your estate
This ensures a fair distribution among all your beneficiaries, regardless of any changes in the value of your estate.

The residue of your estate
Whatever is left over after all taxes, liabilities and other bequests have been paid is known as the residue. You can bequeath the whole of the residue, or a percentage of it.

A Life Assurance policy
An existing policy, taken out years ago to safeguard a young family and no longer relevant, can be ceded to the Wits Foundation. Or you can take out a new policy with the Wits Foundation as the beneficiary.

Specific items
Valuable items such as real estate, motor vehicles, antiques, art works, jewellery, etc. may be bequeathed to an institution such as Wits University in your will.

Setting up a charitable trust
This can be an option in certain circumstances when considerable sums are involved.

Whatever you choose to leave and whatever the value, it will make a difference.

How to word your legacy gift

Should you wish to leave a legacy to Wits in your will, we strongly recommend that you contact an attorney, financial adviser or estate planner for advice. You may, however, find the following examples helpful.

If you already have a Will, changes can be made at any time by adding a codicil.

An unrestricted gift
I bequeath the amount of R______ (or the residue or a specific percentage of my estate) to the University of the Witwatersrand, Johannesburg. The Council of the University may apply the said amount (or residue) at its discretion.

A gift for specific purposes such as research
I bequeath the amount of R______ (or the residue or a specific percentage of my estate) to the University of the Witwatersrand, Johannesburg for the purpose of ________________ (for instance, promoting research in the discipline of the sciences / the humanities / the health sciences / engineering / education; or a specific area such as the University Library). If at any time, in the opinion of the Council of the University, the income from the bequest can no longer be usefully applied for the purpose designated by me, the said Council may use such income for any purpose which in its opinion will most closely correspond to my wish (or wishes) as aforementioned.

Bequeathing a scholarship or bursary
(Note: the difference between a scholarship and a bursary is that the award of the former is based on outstanding academic achievement, while a bursary award is based on financial need and satisfactory academic performance)
I bequeath the amount of R______ (or the residue or a specific percentage of my estate) to the University of the Witwatersrand, Johannesburg, subject to the restriction that the said amount shall be invested at the discretion of the Council of the University, and that only the return on such capital, and not the capital, may be used for the purpose of establishing a scholarship/bursary for (e.g. needy and deserving students) in the (Faculty of ........ or School of ........). The scholarship/bursary shall be known as the (for instance the Dora Citizen Memorial Scholarship/Bursary). In order to provide for inflation, the Council of the University may in any year capitalize the said return in full or in part.

The allocation and disbursement of the above-mentioned scholarship/bursary must be made in accordance with the University’s regulations governing the award of scholarships/bursaries. If at any time, in the opinion of the Council of the University, the income from this bequest can no longer be usefully applied for the purpose designated by me, the said Council may use this bequest for any purpose which in its opinion will most closely correspond to my wish (or wishes) as aforementioned.

A life insurance policy
I bequeath the return of my _________, (for example Sanlam or Old Mutual policy) policy number ______, to the University of the Witwatersrand, Johannesburg. The Council of the University can invest the mentioned return as they see fit.

Books/Art works/Shares/Stocks
I bequeath to the University of the Witwatersrand, Johannesburg _________ (for example my collection of books or my collection of paintings or my shares), which consist of the following _________.

The Wits University Legacy Association

If you choose to remember Wits in your will, we will appreciate it if you inform us. This allows us to thank you and enroll you as a member of the Wits University Legacy Association.

We arrange tours of the campus, keep you informed of special events, and extend invitations to talks, lectures, social functions and other events that may be of interest to you. Friends and supporters of Wits have often commented how much they have valued being invited to University occasions.

A simple communication to the Development and Fundraising Office will ensure we are made aware of your intentions. It will be very helpful to be kept informed if at any time your intentions change.

For further information with regard to making a legacy, please contact:

The Development & Fundraising Office
E-mail: fundraising.development@wits.ac.za
PO Box 107
Wits 2050

or

Cindy Petersen
Tel: +27 (0) 11 717-9703
Fax: +27 (0) 11 717-9729