Leaving a gift to Red Room Poetry (RR) in your Will is a personal decision. A bequest to Red Room Poetry is a legacy for future generations and will make a difference to the creation of poetry and the unique Australian voices that we capture and encourage through education and arts programs.
Your gift will inspire connection to words, emotions, artworks, music, literacy and to each other.
The Bequest Process
After you have provided for your family and friends, please consider a gift to Red Room Poetry in your Will. Then discuss your intention with your legal adviser.
An important consideration is whether your gift to Red Room Poetry will be a specific bequest or a residuary bequest.
A specific bequest is a gift in your Will of a specified amount of money or a particular item of value. Those items could include property, shares or works of art (of Gallery standard).
A residuary bequest to Red Room Poetry is a gift of the whole or a portion of whatever is left in your estate after all other gifts, taxes and costs have been paid or fulfilled.
Suggested wording It is important that the wording for bequest in your Will to Red Room Poetry clearly expresses your wishes. Red Room Poetry is not in a position to provide legal or financial advice however, we have enclosed some suggested wording for discussion with your legal adviser.
‘I give to The Red Room Company (35 103 464 446) (RR) [insert as appropriate: (the sum of $XX) or (the whole of my residuary estate) or (XX% of my residuary estate) and/or (the following property....)], free of all expenses and duties of whatever kind.’
Frequently Asked Questions
Q. Can Red Room Poetry act as an executor?
A. Red Room Poetry will not act as an executor.
Q. I have already made a Will so how do I include Red Room Poetry?
A. You can change your Will to include a bequest to Red Room Poetry at any time. To change your Will, you can either re-write the entire document to include a bequest to Red Room Poetry, or prepare a codicil. A codicil is a separate testamentary document, which amends, rather than replaces, your existing Will.
Q. Do I need to let Red Room Poetry know that I have included it in my Will?
A. It is your choice whether you tell Red Room Poetry about your bequest. We prefer to know of your bequest gift so we can thank you. To demonstrate this gratitude, we would like to have the opportunity to invite you to events and update you on our activities if of interest to you.
Q. Are there any gifts that have taxation consequences?
A. Red Room Poetry is a charitable institution and endorsed as an income tax exempt entity.
Q. How does the Red Room Poetry manage its donated funds?
A. Red Room Poetry is responsible for receipting and managing philanthropic gifts. When a donation is received from an estate, it is receipted, acknowledged as per agreement with the Family and logged in preparation for our professional audit.
For a confidential conversation and further information please contact Sally Marwood, Director External Relations on 02 9319 5090 or via email on firstname.lastname@example.org
Thank you so much for your consideration.