Bequests

Over the past 50 years, bequests from our founders, staff and community supporters have created buildings and laboratories, supported research, and established student scholarships, bursaries and prizes.

If you die without a Will (and therefore without an executor), the court will appoint an administrator. It could take months for this process to be completed, and there is no guarantee that your wishes will be honoured.

Your Will is an important document. Store the original with your solicitor and inform your executor where you keep your personal copy. Review it regularly as your circumstances change, ie with marriage, births and deaths in the family.

Things to consider before making your Will

Will I appoint a solicitor or a trustee company to prepare my Will?
Who will I appoint as my executor to carry out the terms of my Will, and how
many should I have?
Who will be guardian of my children under 18 years?
Do I have any dependants, relatives or friends whom I should provide for?
How can I best support Florey Neuroscience Institutes through my Will?
Should I prepare a Power of Attorney, and if so what type: Financial - Medical - Guardianship?
Will I be an organ donor?
What sort of funeral do I want?

How can I leave a bequest to the Florey?

You can either add a codicil to your present Will or draft a new Will.
We would appreciate it if you allow the Florey to decide where your gift can be most effectively applied, as research areas will change over time.
Your bequest can also allow you to create a named, endowed fund or scholarship that will support the Florey into the future.

We encourage you to discuss your bequest with independent legal and/or tax advisors of your choice. Law Societies in every state publish lists of accredited specialists in Wills and Estates. Trustee companies can also advise you.

Wording

Using the correct wording ensures that your wishes are carried out. Please use our full name, and give the wording you require to your solicitor when having your Will prepared or amended. Here is a sample form of wording:

I give to Florey Neuroscience Institutes, Melbourne ("the Institutes")
…………………………………………………………………………………………………
(Insert here the amount of money or the percentage of the residual estate and/or the specific property you want to leave to FNI)

to be applied for the purposes of medical research (insert here the special area of interest if you wish) by the Institutes in such manner as its Directors may determine. I direct that the receipt in writing of an authorised officer of the Institutes shall be deemed proof of payment.

What can I give?

In making a Will, the first priority is usually your family and special friends. You might then decide to include the Florey:

A percentage of your estate
Residue of your estate
Life insurance or superannuation policy
Trust or named fund
Physical assets, such as : real estate, shares/bonds, artworks, jewellery etc
A specific amount of money - remember that the value of a lump sum will diminish over time, so you might also consider specifying a percentage annual increase for inflation.

Where does my Bequest go?

Bequests to general research allow the Director to apply it to the most appropriate project and/or pressing need. They are placed into an endowment fund, thereby growing and delivering income in perpetuity.
A bequest can create named Fellowships and Scholarships which develop promising young scientists whilst honouring you or a loved one.
Bequests to specific research areas are spent at the time they are received, maybe to buy major new pieces of equipment or support a promising young scientist.

Let us know

If you have already made a bequest to the Florey in your Will, please let us know so that we can thank you, and keep you informed of our research achievements. It will also ensure that your wishes are carried out and provide the greatest benefit to our research in the future.

We welcome all your enquiries, and maintain complete confidentiality. If you would like further assistance and a copy of our Personal Organiser, please contact our Bequest Officer.

Florey Neuroscience Institutes
Melbourne Brain Centre
University of Melbourne
VIC 3010
Australia
Tel: +61 3 9035 6789
Fax: +61 3 9035 3107
Email