Everything you need to know about bequests

• Making a bequest

  

  Bequests

  A bequest is a specific provision in your will, directing some of the assets in your estate to the university. Bequests are also known as ‘planned’ or ‘deferred’ gifts. The advantage of this type of giving is that you still have the use of your assets during your lifetime, with the satisfaction of knowing that a part of your estate will support UCT’s tradition of academic excellence into the future.

• The benefits to you of making a bequest to UCT

  

  Benefits

  Making a deferred gift to UCT through a bequest means:

  • You have the use of your assets during your lifetime.
  • You can consider many options to ensure that your bequest is personally meaningful.
  • A bequest to the university is exempt from estate duty in terms of the relevant section of the Estate Duty Act, and thereby reduces the value of the estate which is subject to taxation. (Those who reside in countries other than South Africa should please contact the Development and Alumni Department for guidance on local estate duty laws.)
  • Your gift will be appropriately recognised during your lifetime through membership of UCT’s Legacy Society.
  • Your legacy will benefit UCT and its students for decades to come.

• What if I already have a will and wish to add UCT as a beneficiary?

  

  Wills and Wishes

  If you would wish to add UCT as a beneficiary to a will that has already been drawn up, you can add a codicil (which is an addendum, or supplement) to your existing will. The codicil must be signed by the testator, and also by two witnesses who do not stand to benefit from your will or codicil.

  Download a sample codicil.

• There is great flexibility in making a bequest

  

  Flexibility

  You have several options when making a bequest in your will. You can bequeath:

  • a specific sum of money – this is the simplest bequest, but it is also the most easily affected by inflation
  • a percentage of your estate – thereby ensuring a specific distribution between your beneficiaries regardless of any changes to your estate
  • the residue of your estate – after having made provision for your dependents you may choose to bequeath the remainder of your estate to UCT
  • a life assurance policy – you can sign over an existing policy or take out a new one, naming UCT as the beneficiary
  • real estate, artworks, antiques, jewellery and other valuables.

  It is advisable to talk to your lawyer, estate administrator, or financial adviser about the best choice for you and your family.

• Making your intentions clear

  

  Making your intentions clear

  It is important that your intentions are clearly defined in your will. We can provide examples of suitable wording that will ensure that your bequest accomplishes exactly what you intended. You may make an unrestricted or a restricted bequest, and you can choose whether your donation should be spent in the near term to meet immediate needs, or invested in the endowment (managed by the University of Cape Town Foundation, an independent body) where the annual investment proceeds support UCT in perpetuity. An unrestricted bequest to the endowment leaves the future investment and utilisation of your gift to the discretion of the University of Cape Town Foundation Trustees.

  An unrestricted bequest to the University allows UCT flexibility to direct your bequest to areas of greatest current need. Alternatively you may wish to make a restricted bequest, with a specific purpose or designation in mind, and again either for spending in the near term or investment in the endowment. You may, for example, wish to establish a scholarship or bursary for financially disadvantaged students, named in honour of a friend, colleague or family member. You may wish to endow a chair, or purchase books for the library, or assist in equipping a laboratory. There are many possibilities.

  To discuss this matter in strictest confidence, please contact our Senior Manager: Fahim Docrat.

• Discounts for Legacy Society members

  

  Discounts for members

  The UCT Legacy Society has since the mid 1990s been a great source of support for the University of Cape Town.

  Through this bequest programme millions of Rands have been donated to UCT ensuring the university’s sustainability.

  We would like to thank all our members for committing their support in such a personal way.

  We are happy to report that the following entities have chosen to offer Legacy Society members preferential rates and discounts.

  You may now access these special rates with the following entities:

  • La Vita Spa – 20% discount
  • Protea Hotel Mowbray – preferential rate
  • Protea Hotel Breakwater Lodge – preferential rate
  • All Africa House – 10% discount
  • Shweshwekini.com – 10% discount
  • Aura Interiors – 20% discount
  • Hastens Beds SA – 15% discount
  • Swarovski Lighting SA – 15% discount.

  To access special rates please email Legacy Manager, Fahim Docrat at fahim.docrat@uct.ac.za or phone on 0815713164.

  Terms and conditions apply.

Your support is much appreciated.

UCT Legacy Society