Legacy Giving

In a rapidly changing economic climate some people find it difficult to commit to a major gift during their lifetime.

A bequest in a will is one of the more traditional forms of giving to charity but remains a very important one. There are many types of legacies:

Residuary: Once family and loved ones have been provided for, the remainder or a defined proportion (e.g. a percentage) of an estate is bequeathed to a charity.
Pecuniary: A specific sum of money is bequeathed to a charity.
Reversionary: An estate is placed in the hands of Trustees to provide an income to a charity.
Substitutional: An estate is left to an individual who, if they predecease the donor, will pass their inheritance to a charity.
Specific: Specific personal possessions such as property, stocks and shares, works of art, antiques, etc. are bequeathed to a charity.
Deed of Variation: The beneficiary of someone's will transfers the whole or part of that inheritance to a charity.
Life Assurance: A life assurance policy with a charity as the named beneficiary. For a modest premium this could provide guaranteed benefits for the charity. Further details available on request.

WHAT ARE THE BENEFITS?

A bequest to the Mill Hill School Foundation enables the donor to make a planned gift to an institution they care about, whilst ensuring dependants are provided for. Charitable legacies are paid before tax is deducted, which may reduce the total amount of inheritance tax due from an estate.

HOW DO THEY WORK?

A donor can either name the Foundation in the will or leave a sum of money to the executors with instructions as to how and to whom the sum is to be distributed. A donor's lawyer or solicitor should be able to provide information as to how charitable legacies can be incorporated within a will.

Since there are a number of important formal requirements to be observed in completing a valid Codicil, prospective donors are advised to consult their solicitor or professional advisor.