Wills & Bequests – A guide

Wills & Bequests – A guide

Wills & Bequests A Guide

CANTERBURY CHRIST’S COLLEGE

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Contents

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The importance of having a will

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A College invitation

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The Sewell Society

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Christ’s College Foundation

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How to leave a gift to College in your will

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Why it is important to involve a lawyer

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Suggested wording of bequests

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History of giving at Christ’s College

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The importance of having a will A will is an important document and everyone should have one. It is a legal document that clearly sets out your wishes for the distribution of your assets after death. In New Zealand, if a person dies without a will, they are said to have died intestate. If you die intestate, the Administration Act specifies how your property will be distributed, which results in a prolonged and de-personalised legal process.

By leaving a will, you ensure your estate will be dealt with according to your wishes by executors you have appointed, rather than by an administrator who may not be appropriate for your circumstances. A current will is an important part of responsible financial planning. As well as providing for family, many people take the opportunity to make a gift to another party – such as a favourite charity or respected institution – in their will.

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An Invitation

Every time I step inside the school gates and see the historic buildings that frame our magnificent Quad, I think how fortunate I am to lead and be part of this special school, which is so wonderfully supported and nurtured by those who have gone before. By asking you to consider making a gift to College, I acknowledge the tremendous history of philanthropy for which the College community is renowned. College is one of the leading independent boys’ schools in New Zealand and such generous support not only preserves the quality of the College educational experience, but also enhances it, as we embrace innovation and continually seek to improve and find new ways to inspire our students. I am confident our young men leave College with a strong sense of our core Christian virtues, curious minds and a passion for lifelong learning, ready to take their place in and make a positive contribution to society. By making a charitable gift to Christ’s College in your will, you have chosen to contribute to the advancement of our facilities and resources, and our teaching and learning opportunities. A bequest provides an enduring legacy which will also honour you, your family, or someone close to you, and will have a profound influence on the generations of College boys to come. Thank you for your interest, for your foresight, for your commitment to our future, and for the spirit of your generosity. Please contact our Development office for further information and assistance. Kind regards

Garth Wynne Executive Principal

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The Sewell Society The Sewell Society provides the school with an opportunity to express our gratitude for the loyalty and commitment of our key supporters and the essential role they play in the ongoing development of Christ’s College.

Henry Sewell was one of the most important figures in the history of Christ’s College. He arrived in Christchurch in February 1853 to wind up the affairs of the Canterbury Association. He ensured Christ’s College was established and financially viable, and it was due to his tireless efforts that the school’s initial land and endowment income was secured. It is fitting that our society for major supporters should honour Henry Sewell’s name as a reflection of a shared commitment to Christ’s College and its vision of Each boy at his best .

It was founded in 2013 to recognise donors whose leadership sets an example to the Christ’s College community.

Membership

Membership of the Sewell Society is open to people who notify College in writing themselves, or through their lawyer, of their intention to leave a legacy in their will to the school. Notification of the size of the bequest, while not compulsory, will assist College in acknowledging the donor in the appropriate manner. Benefits of membership include:

Henry Sewell EW Seager Collection Canterbury Museum

• recognition as a member of the Sewell Society • opportunities for naming rights at College • recognition in fundraising activities • invitations to the Sewell Society’s annual function • special invitations to College events

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Christ’s College Foundation

Support Our Goals

The Fund

The Christ’s College Foundation is an endowment fund which exists to ensure future generations of College boys will enjoy a world- class education in state-of-the-art facilities. It is the organisation through which financial support for the school is directed, and funds distributed. Support from the foundation continues the legacy established by our forefathers, through its contribution to the ongoing development of our outstanding facilities, assistance with a wide range of scholarship and bursary programmes, and by enriching the educational experience of our students.

All donations to the foundation are valued, acknowledged, and used exclusively for the benefit of Christ’s College. You can indicate how you wish your donation or bequest to be used. Donations or bequests can be directed to any one – or a combination of – the Foundation’s funds:

General Purpose Trust Fund – to be used by College as the governing body shall, in its absolute discretion, determine

Building Trust Fund – provides for capital works projects and acquisitions in support of the College Master Plan, to ensure the availability of world-class facilities Scholarship Trust Fund – provides scholarships and bursaries for boys whose presence will add to the excellence, richness and diversity of the student body, and for those whose family’s financial circumstances would otherwise prevent them from attending College Education Trust Fund – provides grants to College to enhance the educational environment Sports Trust Fund – provides general support to all College sports, enabling programmes to operate at high levels of excellence and achievement

Note: Donor anonymity will be provided if requested. Christ’s College is a registered tax deductible gift recipient. Donations over $5.00 to Christ’s College (Foundation) are tax deductible.

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How to leave a gift to College in your will You will need the full legal charity name for College and our registered charity number. Charity Name: Christ’s College Canterbury Registered Charity Number: CC21589 1. Confirm Christ’s College Charity status Arrange to meet or call the College Development Office for a no obligation conversation about how your bequest can make a difference. All bequest communications with College are private and confidential. Development Office Phone: +64 (0) 3 364 6851 Email: [email protected] 2. Contact College

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3. Speak with your lawyer/trust company

Whether or not you decide to advise College of your decision is up to you. It is a very private matter, and you have the right to remain anonymous. Nevertheless, it is very helpful for College to have this information as it plans for the future, and so it can thank you in your lifetime through membership of the Sewell Society. Advising College of your intention means you create an immediate partnership of mutual support. 5. Advising College

A will is a personal statement of intent and, as each individual’s circumstances vary, we strongly recommend you consult your legal advisor before drafting a new will. If you already have a will, you can easily have a codicil (addition or amendment) to your will drawn up. Family Trusts If you have assets in a family trust, you may give a memorandum of wishes to your trustees stipulating that on your death you wish the trustees to make a gift to Christ’s College. You can describe your gift in a similar way to that set out in your will. We have included some wording options later in this booklet to assist your solicitor in the preparation of your will. Tell your family and friends about your decisions, so they can support the realisation of your charitable goals when the time comes. 4. Tell your family and friends

A bequest may include gifts of:

• • •

The residual of an estate A percentage of an estate A specific sum of money

• A particular asset - such as real estate, works of art, or shares

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Why it is important to involve a lawyer

Many people may be tempted to draft their own will or use a DIY will kit, thinking that they do not need to engage a lawyer and save on legal fees. However, although these may be helpful in getting a will drafted, not all of them will ensure that you fully comply with the legalities or make you think of all the possible future consequences of your decisions. You may save yourself and your family from unnecessary grief and a lot more money in the long-run by having a lawyer advise you on your will. Making a will is not as simple as writing your wishes on a scrap of paper and signing at the bottom. There are many legal requirements (regarding who can be a witness and where signatures must go, for example) that must be met in order to create a valid will. A lawyer will ensure that all the legalities are met and that your wishes are written clearly so that there is no reason for your will to be made invalid in court. Here’s why:

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Why is it so important that your will stands up in court? Because if it does not, or there are ambiguities in your will, the courts may decide to distribute your estate in a different way to how you wanted. One of the main purposes of a will is to ensure that your wishes for your possessions are carried out. Having your will made invalid in court is also problematic because it could then result in your family not agreeing over your estate and you will not be there to specify what you want to go to whom. Having a purposeful and valid will that clearly states who should get what better prevents such conflicts. Again, a lawyer can also advise you of what obligations you have under other legislation (such as family protection law) or what potential issues may arise with your will that you may never have known existed. Being mindful of these obligations when you make your will may better ensure that your will is upheld by the courts.

Wills – common terms Administrator – a personal representative appointed by the court where a person dies intestate (like an executor) Assets – property such as land, buildings, chattels and personal items Beneficiary – those named under the will who stand to benefit/ inherit under the will Bequest – property or money that is disposed of under a will Codicil – a supplementary will that is added on after the initial will has been signed

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Suggested wording of bequests You may wish to take the wording on page 12 to your solicitor if you intend to make a bequest to College. The statements of intent and clauses are intended as a guide only for consideration in making your will or alteration to it by way of a codicil. It is important that you consult your solicitor to ensure that the wording is appropriate for the bequest you wish to make and for your particular circumstances.

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A. I/we wish to leave a sum of money to: Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 as follows: I/we give the sum of $........to Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 to be applied for general purposes and I/we declare that the receipt of the Executive Principal or other proper officer of College shall be a full and sufficient discharge to my/our Executor/Trustee for the payment of this sum and that my/our Executor/Trustee shall not be bound to see to its application. B. I/we wish to leave a percentage of my/our estate to: Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 as follows: I/we give........per centum of my estate to Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 to be applied for general purposes and I/we declare that the receipt of the Executive Principal or other proper officer of College shall be a full and sufficient discharge to my/our Executor/Trustee for the payment of the gift and that my/our Executor/Trustee shall not be bound to see to its application. C. I/we wish to leave real estate to: Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 as follows: I/we wish to leave the whole of my/our interest in the real estate situated at………being the whole of the land comprised in the certificate of title........to Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 to be applied for general purposes and I/we declare that the receipt of the Executive Principal or other proper officer of College shall be a full and sufficient discharge to my/our Executor/Trustee for the gift and that my/our Executor/Trustee shall not be bound to see to its application.

D. I/we wish to leave personal property to: Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 as follows: I/we give the following items of my/our property and effects:........to Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 to be applied for general purposes and I/we declare that the receipt of the Executive Principal or other proper officer of College shall be a full and sufficient discharge to my/our Executor/Trustee for the transfer of the property and that my/our Executor/Trustee shall not be bound to see to its application. E. I/we wish to provide a gift to establish or support a bursary or scholarship through the Christ’s College Foundation: I/we give to Christ’s College, 33 Rolleston Avenue, Christchurch Central, Christchurch 8013 the sum of $.......... to be held by College in its Bursary and Scholarship Fund. The income of such fund to be applied in perpetuity in the provision of financial assistance (whether by way of bursary or scholarship or otherwise) to or in respect of students or intending students of Christ’s College. Such assistance to be proved upon such conditions as shall from time to time be prescribed by the Executive Principal for the time being of College or his nominee or as by the Board of Christ’s College or other governing body for the time being as College shall determine.

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A History of Giving

1850–1900

Mrs Maria Somes becomes College’s first benefactress, resulting in the Somes Scholarships. The first school building, comprising a schoolroom, a dormitory and a sub-warden’s house was built. The cost of £2,000 comprised a loan of £500 from the Bishop of New Zealand, with the balance being obtained from donations including some from England and the Somes Estate. Big School was built following a grant of £1,000 from the Canterbury Provincial Council. It was designed by James Edward FitzGerald, Canterbury’s Superintendent and Fellow of the College. Bishop Henry John Chitty Harper announces that in England he has raised £500 of the £708 needed to build a chapel. It was completed in 1867. Synod Hall, Library and Lecture Room were built. They were designed by Dr Alfred Charles Barker. The Provincial Government granted £1,700 to help with the build because they were to be used by the Canterbury Collegiate union. Promises of £700 were made to the Headmaster Charles Carteret Corfe who initiated a drive to extend the Chapel. In 1883, Architect Benjamin Woolfield Mountfort’s plan was accepted and the transepts and sanctuary were completed in March 1884. College was bequeathed the Principal’s House following the departure of the Upper Department (later College House) to Cashel Street. An organ chamber was added, paid for by a bequest from one of the school’s first Fellows WJW Hamilton. Old Boys initiated an appeal to purchase a new organ, but progress was slow. Finally in 1894, with the sourcing of some private loans, it was bought for £457.

1851

1857

From its inception, College has attracted support from a caring and generous community. As College has strived to provide the very best educational opportunities for generations of boys, a consistent history of philanthropic support has helped shape our vibrant school culture and environment.

1863

1866–1867

1873

1878–1884

1885

1886–1888

1886–1894

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1951–1975

1888

Headmaster Corfe promoted building a new swimming pool and successfully raised well over half of the cost of £620 by soliciting subscriptions.

1957

Old Boys create an Endowment Fund.

1900–1925

A fundraising committee comprising Board, staff, Old Boys and friends of the school raise over £150,000 towards building the new Assembly Hall, completed in 1967. Library renovated and upgraded largely funded by the HB Williams Trust and the CH Ballantyne Memorial Fund.

1962–1967

1904

Joint Board and Old Boys committee formed to launch appeal to build new buildings including a Gateway and Porter’s Lodge, classrooms, Hall, Board Room and offices at a cost of £16,950. Two new boarding houses (£14,000) were to be completed in time for the 50-year anniversary of the move to the present site. The Robert H Rhodes endowment allows the school pool to be improved. The Hare Memorial Library opens, substantially paid for by Old Boy subscriptions. Old Boys raise £23,000 of the £27,500 required to build the Memorial Dining Hall, designed by architect Cecil Wood. Old Boy Thomas Chapman donates the full cost of three new fives (similar to handball) courts and a squash court. A number of bequests provided a new chapel organ and funds to support parents who had served in the war. One of these bequests was from Frederick George Brittan, known as the last of the pilgrims, who came to New Zealand on the Sir George Seymour , one of the first four ships.

1971

1976–1999

1911

1977–1978

The Tothill Science Block, Williams Court and Gymnasium complex is opened with a considerable portion being funded by Old Boys and Friends of the School loans. Library extensions completed at a cost of just under $1m, tripling the library space. The old swimming pool was replaced by a new one at a cost of $1.5m, with $40,000 of the funds raised at a major school fair held in 1990 and $10,000 from the CCOBA. The Old Boys’ Theatre is completed, substantially assisted by Old Boys’ support. Richards House was altered as a result. College is repaired following the devastating earthquakes of 2010–2011. Cost covered by $65 million of insurance funds and $15 million of existing capital to build The Miles Warren Building.

1916

1925

1990

1926-1950

1993–1994

1939

2000–2015

1946–1950

2000

2011–2016

1946–1948

The Christ’s College Old Boys’ Association raises the full amount to build the Memorial Gateway.

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CANTERBURY CHRIST’S COLLEGE