Other Factors and Questions and Answers
MAKING A PROVISION FOR A SURVIVING SPOUSE
Quite naturally, many are concerned that there is enough capital left in their estate to support their surviving spouse after they have gone. This can be ensured by both spouses agreeing to make due mention in their Will or Codicil, to the effect that the legacy to Wellington College is only paid out on the second death.
WHAT TYPE OF GIFT CAN I LEAVE IN MY WILL?
There are different ways in which you choose to support Wellington in your will:
• Residuary gift – the gift of all or part of the value of your estate once gifts and payments have been made •
• Pecuniary gift – a fixed sum of money •
• Specific gift – a named item •
• Reversionary gift – allowing assets to be left for the care of loved one for the duration of their life, and upon their death, your gift will be passed on to your chosen recipient •
WHAT WORDING SHOULD I USE IN MY WILL?
We can provide suggested wording for your will and can work with you to find a way to ensure your gift is used in accordance with your wishes if there is a particular area of College you would like to support.
DOES WELLINGTON COLLEGE HAVE A CHARITABLE STATUS?
Wellington College has charitable status for all UK tax purposes and the registered charity number is: 309093.
HOW CAN A GIFT IN MY WILL TO WELLINGTON COLLEGE BENEFIT MY INHERITANCE TAX STATUS?
If you leave a gift to charity in your will, the gift’s value will not be counted towards inheritance tax. This could reduce what your beneficiaries have to pay or remove your inheritance tax liability altogether. Also in some situations, anyone leaving 10% or more of their taxable estate to a charity may qualify for a reduced rate of inheritance tax – 36% rather than 40%. Please visit www.gov.uk/inheritance-tax) for further information.
WILL MY GIFT BE AFFECTED BY CAPITAL GAINS TAX?
When someone dies, the value of their assets is re-established and any gains that arise during the administration of the estate (i.e. between death and sale) may be liable to capital gains tax. Charities are exempt from capital gains tax, so where a charity is a beneficiary in a will, it may be possible to use this exemption to benefit the whole estate.
DOES WELLINGTON TAKE PART IN A FREE WILLS SCHEME?
Yes, we offer you a free will writing service and if this would be of interest, please contact us at email@example.com
DOES WELLINGTON OFFER LEGAL ADVICE?
Wellington College would always recommend that you should seek legal advice.
As mentioned, we do offer a free will writing service and information about this can be found here.
For further guidance on leaving a legacy gift, the Remember a Charity and Legacy10 organisations have several publications available.