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Types of Legacy

Types of Legacy

There are several types of legacy donations. We recommend you contact your solicitor for further advice about which type of legacy would best meet your wishes.

Types of Legacy

Residuary Legacy

This is a percentage of your estate, anywhere from 1% to 100%. When considering a gift in your Will, your family obviously comes first and a residual legacy is a good way to ensure your family’s portion of their inheritance is protected.

Pecuniary Legacy

This involves leaving a specific sum, but a bequest of this type could be eroded by inflation over time. Also, if the overall value of the estate falls, it could mean the proportion of the estate given was more than the legator intended. A way around this is to bequeath a percentage or fraction of the residue of your estate as outlined above in paragraph 1.

Reversionary Legacy

This involves placing your estate in trust so that named beneficiaries would be entitled to the income during their lifetime. Trustees could advance further capital to the beneficiaries if the beneficiaries needed further funds for some unforeseen reason. After the death of the named beneficiaries, you could provide for the whole, or a percentage of the whole of the capital to pass to Haileybury.

Substitutional Legacy

This means that you can leave your estate to a particular person or persons, but if they predecease you, then the bequest would go to Haileybury.

Specific Legacy

You can leave specific personal possessions to Haileybury such as property, stocks and shares, works of art, or antiques. This can be an attractive option where the asset has appreciated in value over the years and a lifetime sale would attract a high capital gains tax liability.

Deed of Variation

If you become a beneficiary of someone else’s Will, you may wish to consider transferring the whole or part of that inheritance to Haileybury. The sum transferred would be exempt of Inheritance Tax which would otherwise have been payable.

Life Assurance

You could take out a life assurance policy with Haileybury as a named beneficiary. In this way, for a very modest premium, you can ensure substantial benefits for the College.

What should I do next?

If you would like to leave a legacy to Haileybury, here is a quick summary of what you will need to do.

  1. Decide whether you would like your legacy to go towards a specific project or wherever the need is greatest.
  2. Decide what sort of legacy you intend to leave.
  3. Contact your solicitor to make them aware of your intentions. The full title of Haileybury as it appears in the accounts on the Charity Commission website is: Haileybury and Imperial Service College, Registered Charity Number 310013, Hertford, Hertfordshire, SG13 7NU.
  4. If you have already made your Will and would now like to include a residuary or pecuniary gift to Haileybury, please click on the link below, complete a Codicil form and return it to your solicitor to store with your Will. If you wish to leave any other type of gift, your solicitor will be able to advise you about this.
  5. If you wish Haileybury to know about your gift, please contact Gavin Mann, Director of Development at g.mann@haileybury.com or on 01992 706447. You do not need to tell us what type of legacy you have left or the value of the gift. This is a private matter for you. We would just like to hear about your intentions so we can say thank you.
  6. If you have any queries about the process or would like to discuss leaving your legacy for a particular purpose, please contact Gavin MannDirector of Development by email: g.mann@haileybury.com or phone: 01992 706447. 
Haileybury Hertford SG13 7NU 01992 706200 Registered charity number 310013