Could I reduce inheritance tax?
A gift to the University, or any charity, is free from inheritance tax, which is normally charged at 40% on the value of any estate worth more than £325,000 (the nil rate band). Depending on your circumstances your nil rate band could be higher than this, possibly up to £1 million.
Also, if you leave 10% or more of your net estate to the University (or any other charity or a variety of charities) you could benefit from a lower inheritance tax rate of 36%. In some scenarios this means donating more could lower your inheritance tax bill, which would mean that you have a little more to leave to your beneficiaries overall. We would suggest discussing tax implications with a legal adviser to consider any inheritance tax implications of donating to charities in your Will.
Who can I contact?
We would be delighted to speak to you if you need any further information or advice. For enquiries about gifts of all kinds, including dedicating your gift to a loved one’s memory, please email the Advancement Office. Alternatively, please contact our Legacy and In Memory Manager on 01225 385842.
Why we would love to know your intentions
While we appreciate that Wills are a private matter, if you do decide to include a gift to the University, or have already done so, please let us know. We would love the chance to thank you properly. Knowing your intentions means that we are better informed when planning for the future.
We provide a Legacy Gift Intentions form to help you let us know your gift details. You have our assurance that this will be kept confidential. Please complete an Intentions Form to help us.
Every gift to the University of Bath will have lasting impact.
We will welcome you to the 1966 Society
Once you let us know about your gift, we will be happy to welcome you to the University of Bath’s Legacy Circle known as the 1966 Society, to celebrate your generosity. Taking its name from the year the University received its Royal Charter, the society aims to recognise and thank those generous alumni and friends who have chosen to remember the University of Bath in their Will during their lifetime.
Wording your Will
Legal Advice and Will Wording
The University advises that you speak to a qualified legal professional, who will help you to write your Will.
Finding a Solicitor
To search for solicitors in the UK, the following links to directories might be helpful:
- England and Wales
- Scotland: Law Society of Scotland
- Northern Ireland: Law Society of Northern Ireland
There is a useful section on Making a Will on the Law Society’s website.
How to refer to the University in your Will
We cannot give advice on what to write in your Will, but we can suggest how to refer to University departments, faculties, scholarships, and research programmes to ensure the gift is directed to the correct area and used according to your wishes.
When considering a gift, we suggest that your gift is addressed to:
The University of Bath, Claverton Down, BA2 7AY, United Kingdom
Please note that the University of Bath is a UK Exempt Charity, meaning that it has charitable status and, as a higher education institution, it is regulated by the Office for Students. Therefore, it does not have a Charity Number. If your lawyer would like to use a unique identifier in your Will to refer to the University, its tax registration number is XN6656. The University of Bath also has a Royal Charter Number which is RC000644.
Your legacy gift to the University can take different forms:
A fixed sum of money – known as a pecuniary legacy, you can choose to leave a fixed amount, which can also be linked to the Retail Price Index to ensure that its value is worth the same in the future.
A share of your estate – known as a residuary legacy, you can designate a percentage of the value of your assets (or the remaining value after any other specific bequests have been paid) to go to the University. This need not be complicated and is often an easy way to split gifts between a number of charities or other beneficiaries. Percentage legacies can be more beneficial to the university because fixed sums may depreciate over time. They are often transformative to the University.
Reversionary bequests – This enables you to pass your estate (or a particular asset) to an initial beneficiary who can have the benefit and enjoyment of it during their lifetime, and to specify that the estate (or asset) should be passed to the University after that beneficiary’s lifetime. This type of reversionary bequest will need to be discussed carefully with your solicitor.
The key is in getting skilled professional advice for writing your Will to make sure it meets your needs. We would be happy to work with you and your solicitor to help you plan a gift that is appropriate for you.
My Solicitor suggests I write a Letter or Statement of Wishes, what should I include?
Your Will must be clearly written and formally signed and witnessed, and your solicitor will be able to explain that to you. Sometimes they will also suggest writing a letter of wishes, that sits alongside your Will to help explain your decisions in relation to specific gifts.
Creating a separate letter of wishes can mean that the Will itself remains clear and is less likely to result in complications when administering your estate.
In a letter of wishes you can express yourself in a more personal way. While such a letter is not legally binding, it does assist those involved in administering your Will, or receiving a benefit under the Will, to follow your guidance. Please request a copy of the University of Bath's Letter of Wishes template or to discuss your wishes in more detail please email our Legacy and In Memory Manager or telephone on +44 (0)1225 386824.
We can help you with wording for your letter of wishes and discuss how you can make this reflect your own interests and values. It can be changed as often as needed, without you having to review your Will each time. We can store a copy of your letter of wishes, for peace of mind, on file for you here at the University. We recommend you seek legal advice before writing a letter of wishes to ensure that it is suitable for your purposes.