Leaving a Bequest to Toorak College - Frequently Asked Questions
What is the suggested wording to leave a gift in my Will to Toorak College?
Click here to view the suggested wording to include Toorak College in your Will. It is recommended that you seek independent legal advice when drafting your Will.
What types of Bequests does Toorak College accept?:
Once you have considered the needs of your family and loved ones, you can consider making a residuary bequest that is, what remains after all other gifts and costs have been paid.
Alternatively, you could make a specific bequest, such as a set amount of money or shares for example.
Your gift could take the form of:
- A percentage, residual or whole of an estate
- A specific amount of money
- Stocks and shares
- Works of art, collections, jewellery
- A life insurance policy, annuities or trust
Providing an estimated amount of the value of your bequest is not compulsory, while useful for school planning purposes, we will always respect your privacy.
Do I need to let Toorak College know that I have included it in my Will?
It is a personal choice if you would like to inform us of your gift. It is our preference that you let us know so that we can thank you and invite you to join the Hamilton Society, which recognises and celebrates those who have chosen to leave a gift in their Will. A Bequest Notification form can be obtained from our website, or alternatively, contact the Development office on (03) 9788 7208 to advise us of your planned gift.
What does being a member of the Hamilton Society mean?
The Hamilton Society exists to unite those with a shared passion for our school and girls education to come together in their lifetime. Once notification of a planned gift is received, the donor is invited to the school to be inducted into the Hamilton Society at our annual luncheon. Donors will receive an ivy leaf lapel pin to signify their lasting commitment to the school. Hamilton Society members will also be invited as special guests to specific school functions throughout each year such as musical performances and speech night. Hamilton Society members will be forever remembered by way of a named leaf on the ivy vine sculpture found on the walls of the School Chapel.
I have already made a Will, however, I would now like to include Toorak College.
To change your Will, you can either create a new Will with appropriate legal advice OR prepare a codicil form to attach to your existing will.
A codicil is document that is executed by a person who had previously made his or her will, to modify, delete, qualify, or revoke provisions contained in it.
A codicil form is available from our website, or contact the Development office on (03) 9788 7208.
What areas can I bequeath to?
For many people, leaving a gift in their Will is an opportunity to support a cause that had some significance during our lifetime. You are welcome to leave your gift to Toorak College’s highest priorities OR you can choose the School area that interests you most. It is best to discuss your bequest idea with us so we can help achieve your wish.
You could consider directing your gift to:
- The Hamilton Society Scholarship – Those considering a gift in support of a student who otherwise would not have the means to attend Toorak College can donate towards the Hamilton Society scholarship fund – an accumulative fund set up specifically to provide the opportunity of a Toorak College education from Year 7 through to Year 12.
- Specific academic programs
- Building projects
You are warmly invited to discuss your ideas with the Development Manager or Principal who can help guide you through these options.
Will my bequest be acknowledged?
Hamilton Society members will be forever remembered by way of a named leaf on the ivy vine sculpture found on the walls of the School Chapel. Hamilton Society Member names will also appear annually in our school magazine. Should you wish to remain anonymous, we will acknowledge your gift privately.
I would like to establish a named scholarship at Toorak College, is this possible?
Yes, our Development Manager or Principal is well placed to talk to you about scholarship types and of course scholarship values to ensure that there are sufficient funds to endow it. Establishing a named scholarship is a wonderful way to honour a legacy for generations to come.
How will you manage the funds received through planned giving?
Depending on the specific terms of your Will, your gift will either be disbursed in keeping with your wishes, or in the absence of any specific direction, it will be held in the School’s Endowment Fund and managed accordingly in order to meet the terms of the bequest.
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 Fund’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 Risk and Finance Committee.
How can my family or friends find out about my gift once it is realised?
We encourage you to consider a friend or family member who we can communicate with once your gift is realised. We will regularly communicate with this person on how your funds have been used and how we have honoured your legacy.
Can I contribute to a specific area if I can’t afford to leave a large bequest?
Yes, we welcome gifts both large and small. A more modest gift can be added to an existing fund to achieve maximum impact. For example, you could consider supporting our Hamilton Society Scholarship Fund which raises funds from our society members to provide a scholarship to students who otherwise would not be able to afford a Toorak College education. Or you can specify that the funds can be used at the discretion of the school, we in turn will use funds on areas that have the most need.
Where can I find more information?
To arrange a confidential discussion around planned giving, please contact our Development office on (03) 9788 7208 or email email@example.com.