In a will and testament you settle your estate after your death. This can be a difficult subject for discussion as it involves (personal) financial affairs. The Working Group Campaign Bequest intends to bring this matter to light. The information presented below has been taken from the website of this Working Group.  

Mlambe Foundation as heir

You can nominate Mlambe Foundation as your legal (co-)heir, giving the Foundation a right to (part of) your estate. This means that the Foundation inherits (a part of) your estate’s assets and debts, if any. The Foundation, as heir, also has the right to reject the inheritance, for instance if there are more debts than assets.

Mlambe Foundation as beneficiary

Instead of making the Foundation legal heir to your estate you can also determine that the Foundation has a right to a certain asset or amount from your estate. In that case, the Foundation is a beneficiary and the asset or amount that is granted to the Foundation is called a bequest. With a bequest you determine that you wish to leave Mlambe Foundation a certain amount or a certain asset, such as a computer, a printer, a car or a securities portfolio. As beneficiary of such bequest the Foundation is not liable for any debts of the estate.

Taxes

Mlambe Foundation, as registered charity, is fully exempt from tax. This means that 100% of whatever you leave to the Foundation in your will and testament (whether as legal heir or as beneficiary of a bequest) can and will be used for education and the conservation of the cultural heritage of Malawi or a certain project of the Foundation as specified in your will and testament.