Are there tax benefits?
Yes. Any gift to charity (including the University) in your Will is tax-free. It is deducted before your estate is valued for tax purposes, so reduces the inheritance tax your beneficiaries pay. Some people choose to donate the value of their estate above the inheritance tax threshold – meaning that no inheritance tax at all is payable. If you leave 10 per cent or more of your estate to charities (including the University), your friends and family will also benefit from a 10 per cent IHT discount.
Should I tell the University about my gift?
You are not obliged to tell us that you have made provision for the University in your Will. However, if you do, we can ensure that you receive appropriate thanks as a member of our pledgers group, the 1966 Society. Simply contact the Advancement Office, to let us know about your gift.
How do I leave a gift in my Will?
To make or amend your Will, please see your solicitor. You will need to include the percentage or amount you wish to give, and the University’s name and address (we are exempt from having a registered charity number).
Anyone can make provision in their Will, and our sincerest thanks go to all those who have generously chosen to remember us in this way.
At Bath every gift we receive is appreciated and remembered. Everyone who pledges a legacy becomes a member of the 1966 Society.
What kind of legacy gift can I make?
Types of legacies:
Pecuniary legacy - specifies a sum of money. By index-linking it you will be helping to preserve its worth against possible inflation increases.
Residuary legacy - a share of the estate. Designating a percentage of an estate can be especially beneficial to a charity; it also avoids the need for regular updating by the legator (compare fixed sums).
Reversionary legacy - to provide for a loved one during their lifetime and then pass to a charity. For example, a spouse may have use of a property until s/he voluntarily vacates it, with the asset being held on trust by the trustees of the estate until it is passed to the eventual beneficiary.
People often ask if one type of legacy is more valuable to the University than another. Every individual is different but it is true that designating a percentage of your estate may be more beneficial than giving a fixed sum which may depreciate over time. Should you prefer to leave a pecuniary legacy, index-linking it can help preserve its value.
Both my academic studies and involvement in the Students’ Union proved to be the best possible grounding for my subsequent professional life. Every aspect of my career had roots in the opportunities given to me during the early years of the University of Bath. I now want to give something back. So, I have chosen to leave a legacy in my Will providing scholarships for future generations of Bath students to enjoy the same opportunities I had.” — Tony Kerpel MBE (BSc Sociology 1968; SU President 1968-69)
Specialist advice
The University of Bath is not permitted to offer legal advice or make personal recommendations about individual solicitors, accountants or will-making services. The following professional bodies will be able to help you:
- Making a Will - The Law Society: finding a solicitor
- Tax - Society of Trust & Estate Practitioners: finding a Trust and Estate practitioner
- HM Revenue & Customs also offers useful information on giving in your Will and inheritance tax