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