Researching the Best Scientific Research Organisation to Receive a Significant Bequest
Sometimes a loved one will be so deeply affected by an issue that they will choose to leave a significant amount of money in their Will to a charity or research organisation battling that issue. This kind of legacy makes a massive difference in the world and working on behalf of our clients to pinpoint exactly which organisation this type of bequest should go to is one of our favourite projects here at Swansong!
One bequest I managed required me to find a research-based organisation somewhere in the world that was actively researching a rare genetic disorder. The deceased in this case had first-hand experience in dealing with this disorder through caring for her younger daughter, who sadly died at a relatively young age after suffering with this very debilitating condition for several decades.
My service entailed identifying several organisations and then determining if they were actively doing research into the particular strain of this genetic disorder. Once I located the most suitable organisation, which happened to be in the United Kingdom, my Executor client and I approached them to determine the exact nature of their research. The bequest was quite a significant amount, being half of the residual value of the Estate, once other bequests had been paid. My client therefore wanted to ensure the correct due diligence was done before selecting the organisation to receive the money. Once we were satisfied the organisation met the criteria of the Will, we communicated with them more formally to explain the terms of the Will and bequest. We ensured that they were able to meet the terms of the bequest and they agreed to do so through a formal letter responding to the one we sent them from the Estate. The process involved eight emails, three letters, and a personal visit to the bank to organise the final transfer of funds. The entire process involved eight hours of time and was spread over a period of eight months.
The terms of the Will stated that the Executors were to select a suitable organisation but were then not responsible for ensuring they used the money in accordance with the bequest. This meant that the Executors had to do their best to find an organisation that would put the funds to best use for the specific strain of the genetic disorder through active research. Once this was done, the Executors did not have to follow up or monitor the actual use of the funds.
One of the other tasks for the Estate involved selling the home, which required a suitable Real Estate Agent to be chosen. The agent we selected agreed to reduce her commission significantly due to the nature and size of the bequest to the research organisation. This was a charitable act on the part of the Real Estate Agent, and is an example of how Swansong is able to maximise the returns for the Estate and ultimately the beneficiaries.
It was very fulfilling to be able to help my Executor client find the right beneficiary for this substantial amount of money, as quickly as possible, and also to know that the deceased’s last Swansong (Will) was honoured. Not only that, but it was also very heart-warming to understand the huge impact the funds will have in speeding up world-class research to make genuine advances in improving the lives of thousands.
Do you have to administer a bequest like this that requires extensive research and due diligence? Swansong is happy to help Executors administer projects like this for deceased estates on the North Shore of Auckland. Contact us now.