What are the Tax Implications?

Any bequest, whether cash, shares or valuable items, will normally be exempt from tax. Assets valued for inheritance tax by the Inland Revenue are currently 40% on assets over £325,000, the value of your bequest can be subtracted from this allowance. If you leave 10% or more of the net value of your estate to charity, your beneficiaries can pay Inheritance Tax at a reduced rate of 36%.. For more information please visit the HMRC website.

How do I leave a Legacy?

You will need to decide which type of legacy to make and then consult your solicitor. You can make a new will including the legacy or add a codicil to your existing will. We always recommend professional legal advice when you are drawing up or changing your will and can suggest Solicitors if you wish.

What are the different types of legacy?
  • Residuary Legacy – a percentage of the residue of your estate
  • Pecuniary Legacy – a specific sum of money
  • Specific Bequest – property, stocks and shares, books and works of art
  • Codicil – an additional bequest or change to an existing will
  • Reversionary Legacy – a gift that passes to Dean Close only after the death of a spouse or relative
  • Charitable Remainder Trust (US Tax Payers only) – money is donated to a charity, but the donor receives the income from it while living
Do I need to inform School of my intentions?

We would love to hear from you but understand that the matter of wills can be sensitive. We will treat your intentions in strictest confidence but letting us know your plans enables us to discuss how you would like your gift to be allocated and would allow us to thank you in your lifetime.

GET IN TOUCH

Please do get in touch if you have already included the School in your will or are considering leaving a legacy to Dean Close.

Felicity Copp
Development Manager
01242 267439 / fjcopp@deanclose.org.uk