More about Legacies

Why You might Consider leaving a Legacy…

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A legacy enables you to support a worthwhile cause in a way which may not have been practical or possible during your lifetime

A legacy allows the School to plan for the future. It will help increase funding for bursaries and allow the school to offer places to academic boys that would benefit enormously from the place but can’t afford the fees.

Legacy giving  is highly tax-efficient and will reduce the overall Inheritance Tax on your estate. It is also free of Capital Gains Tax and Income Tax.

It is very easy to include a legacy in your Will. Alternatively if you have already drawn up a Will, you may add a simple bequest by way of a Codicil.

Remembering Whitgift in your Will is a tax-efficient way of supporting the Foundation’s aims for wider educational opportunity within our communities. Under present legislation, the Whitgiftian Association Trust’s charitable status makes any donation exempt for Inheritance Tax purposes. Any sum you bequeath will therefore be free of tax and may reduce the tax liability due on your estate.

 

A Guide to the Different Types of Legacy…

The Pecuniary Legacy

This allows a donation of a specific sum of money, which can be index-linked so that it maintains its current‐day value.

The  Residuary Legacy

This  involves leaving all or part of the net residue of your estate to Whitgift, after all pecuniary legacies, debts, fees and other liabilities have been met. This gift has more flexibility than a pecuniary gift in that you do not have to quantify the sum or take into account inflation when you draw up your Will.

The Conditional Legacy

This provides for the eventuality that, if none of your named dependants survive you, your estate will be left to other named beneficiaries and charities including Whitgift School.

The Reversionary Legacy

This method provides for your family first and then benefits Whitgift later. It involves leaving your assets to trustees so that beneficiaries can enjoy the income during their lifetime, with the whole or a portion reverting to Whitgift on their death.

The Specific or Non-Money Legacy

You can leave a specific personal possession to Whitgift, through the registered charity which is the WAT (Ltd). Examples include: property, jewellery, antiques, works of art, stocks and shares. If so, these possessions would be excluded from the valuation of your estate and would not be liable for Inheritance Tax.

Regular Giving

The Whitgiftian Association aims to raise significant funding to enable Whitgift to increase its existing bursary support and offers levels of contributions to suit all potential supporters. Simply select a level of regular giving based on what you feel you can afford. Every donation is important to us and to the boys who will benefit from your generosity.

Contributors will be recorded in the Association’s Record (we hope to display this at the School in South Entrance). You will also receive invitations to a range of events.

For further information and details on how to subscribe, please contact the WA Office: naomi@whitgiftianassociation.co.uk

 

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