It is National Wills Week in South Africa next week.

This is a project of the Law Society to encourage all South Africans to have an up-to-date will. During this week, attorneys’ firms will draft wills for South Africans without charge. If you do not have an up to date will, why not take advantage of this? More information can be found on the Law Society’s website at https://www.lssa.org.za/our-initiatives/advocacy/national-wills-week/

Where does UCT come into this? It would be wonderful if all you UCT people could consider making UCT part of your charitable giving when drawing up your will. For some, 10% of your estate may go to designated charities. For a very small number, with no family interests to consider, the proportion may be higher. And for others, it will of course not be as high as 10%, but every cent counts. 

A bequest to UCT is free of estate duty for South African taxpayers.

Bequests are an important source of capital for all institutions, and especially for universities. UCT has in the past benefitted – and that of course means that you and I benefitted – from a small number of significant bequests: bequests that made possible the Kramer Law School, the Baxter Theatre, chairs in diverse disciplines such as English, Chemistry, Botany, Neurosurgery, and Fine Art to name but a few as well as student financial aid.

How do I do this? For some, this will be a percentage of the residue after the testator’s specific bequests have been provided for. For others, it will be a specific bequest. It may be for a UCT activity you think needs support. For others it may be a bequest to add to UCT’s general endowment (the endowment capital that is entrusted to the UCT Foundation, which has an enviable track record of investing this money well, ensuring both a steady income stream to fund UCT work and at the same time growing the real value of the capital fund (i.e. ensuring that this value keeps pace with, and is ahead of inflation). The attached note gives some sample provisions that you might wish to discuss with whoever draws up your will. This does not of itself require a new will: it may be that all is needed is a codicil to an existing will.