Legacies have played and continue to play an important role in the history of Stonyhurst College. Gifts left to Stonyhurst have created bursaries and scholarships, enhanced our Collections and contributed to the environment in which our pupils live and study. A decision to include a gift in your Will is a private and personal one which will be treated in the strictest confidence and we will always do what we can to ensure that any wishes expressed by you are respected. Rest assured that no matter the size of gift, it will make a real difference.
There are different types of gift that can be included in your Will or in a Codicil to an existing Will:
- Residuary Legacy
A residuary legacy is the gift of the remainder of your estate (or a percentage of the remainder) after all other gifts to family and friends have been distributed and all other testamentary debts and expenses have been paid. A residuary legacy increases in line with inflation.
- Pecuniary Legacy
A pecuniary legacy is a gift of a specific sum of money. When making a pecuniary legacy it is possible for you to index-link the gift in order to ensure its intended value over time.
- Specific Legacy
A specific legacy refers to the gift of a specific asset (for example, stocks and shares, property, life insurance policy or jewellery) rather than a monetary amount. Stonyhurst has benefited from many specific gifts over the years.
- Reversionary Legacy
A reversionary legacy is effectively a postponed gift. It allows a specifically named person(s) to benefit from your estate (or part of it) during their lifetime and on their death, your estate (or part of it) then passes to Stonyhurst College.
As your Will is one of the most important documents you will ever make, Stonyhurst College recommends that you consult your legal advisers before drafting a new Will, updating an existing one or making other plans for your estate.
Stonyhurst College is a registered charity (no. 1127929) which means that the value of any gift left in a will is deducted from the value of your estate before it is assessed for inheritance tax, reducing tax liability. Since 2012, tax legislation in the UK provides for reduction in inheritance tax from 40% to 36% where 10% or more of the chargeable value of an estate is left to charity.
Whether you are writing your Will for the first time or amending it with a Codicil, leaving a bequest to Stonyhurst is straightforward.
If you would like to discuss leaving a gift in your will to Stonyhurst, please contact Suzanne Wheeler at +44 1254 827246 or firstname.lastname@example.org
Those that have left a legacy to Stonyhurst will be invited to join the Thomas Weld Society and you and your partner will receive invitations to events at the College. You can find out more about the society here.