Legacies
Leave a Lasting Legacy To The Leys
"I have always been grateful for the breadth of education that The Leys gave to me. Without it I doubt whether I should have enjoyed so varied and satisfying a life and career. Because of this I have sought to give something back by responding to its various appeals and by sending my two sons to the School. They similarly appreciated and gained greatly from their time at The Leys. It was then that I noticed how legacies match all direct giving for many charities. It is so obvious why. They do not affect the donor's lifestyle and it is also a good bargain! If your estate extends to the Inheritance Tax level, a legacy has the equivalent of a two-thirds uplift. Who can resist such benefit to future generations?".Leaving a Legacy
In the time-honoured tradition of The Leys, we hope that you will feel able to support the School by leaving a legacy to The Leys and St Faith's Foundation to benefit The Leys School.
- You may wish to contribute to the upkeep of our old and beautiful buildings or to help provide for a new building.
- You may wish to help others benefit from an education at The Leys through a bursary or scholarship fund or to support a particular aspect of School life such as music, art, drama or science.
- You may wish to perpetuate the name of someone close to you or simply show your appreciation for what you received from the School when you were there.
Any gift made will help future generations at The Leys and may reduce your liability to inheritance tax or any other taxes for which your estate may be liable.
Support given for bursaries or scholarships will be invested in an endowment fund and the income generated used to provide annual support for pupils at The Leys for many years to come.
Gifts can be directed to specific areas, for example, bursaries or buildings. However, contributions marked with the instruction “to be expended on such of the School’s purposes as the Trustees shall from time to time determine” are especially valuable as they allow funds to be allocated to where they are most needed.
A legacy to The Leys School through The Leys and St Faith’s Foundation can either be included when you make your Will or added by Codicil to an existing Will. Some suggested wording for an appropriate clause is given below. It is advisable to seek professional advice when you write your Will or add a Codicil to your existing Will, in order that your wishes are clear.
The School would be very happy to discuss your intentions in confidence at any time and will honour your wishes.
Types of Legacy
There are many ways you can leave a legacy to The Leys School.
A Residuary (or percentage) Legacy
A percentage legacy involves the legator leaving a specific proportion of his or her estate as a bequest. Over time, specific pecuniary bequests of this kind can be eroded by inflation or, if the overall value of the estate falls, it could mean that the value of a bequest becomes greater than the legator intended. A way around this is to bequeath a percentage or fraction of the residue of your Estate after your specific bequests have been made.
A Pecuniary Legacy
This involves leaving a specific sum to a named organisation. To avoid possible erosion of the value by inflation, a legacy can be index-lined to preserve its value for the future. Your solicitor should be able to provide you with suitable wording for this.
A Reversionary Legacy
This type of legacy enables you to provide for your family and those close to you first, and then the School. It involves placing your Estate in trust so that named beneficiaries would be entitled to the income during their lifetime, with possibly a power for the Trustees to advance capital if the beneficiaries were to need further funds. 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 The Leys and St Faith’s Foundation fro The Leys School.
A Substitutional Legacy
This involves leaving your estate to a particular person or persons, but if they predecease you, then the bequest could go to The Foundation for The Leys School.
A Specific Legacy
Specific personal possessions, such as property, stocks and shares, works of art or antiques, may be left to The Leys School.
This can be an attractive option where the item 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 in someone else’s Will, you may wish to consider transferring the whole or part of that inheritance to The Leys and St Faith’s Foundation for The Leys School using a deed of variation. The value transferred in this way would be exempt of the Inheritance Tax which would otherwise have been payable out of the Estate.
In general, gifts made to The Leys and St Faith’s Foundation for The Leys School during your lifetime or on your death, are exempt from Inheritance Tax because the Foundation is a registered charity. Bequests can be deducted from the net value of your Estate before Inheritance Tax is calculated thus reducing your Inheritance Tax liability.
Suggested wording for a Will or Codicil
To: The Leys and St Faith’s Foundation for The Leys School, Trumpington Road, Cambridge, CB2 7AD. Registered Charity Number 311436, The sum of £ _________________ to be paid as soon as practicable after the date of my death without interest and free of Inheritance Tax or any other taxes or duties eligible in respect of my death.
I request that it be expended on such of the School’s purposes as the Trustees shall from time to time determine.
I declare that with regard to this bequest the receipt of the Secretary, Treasurer or any other official for the time being authorised by the Trustees of The Leys and St Faith’s Foundation shall represent sufficient discharge to my executor(s). If the said Foundation has ceased to exist or has changed its name or amalgamated with another charity, the gift shall not fail but my executors shall pay it to the charity which most nearly fulfils the objects which I intend to benefit.
Your Decision to Help
The decision to make a Will is one of the most important decisions you will make. However making a Will brings security, reassurance and above all peace of mind, not just for you, but for all those who depend on you, either now or in the future.
We hope that you will consider including The Leys and St Faith’s Foundation for The Leys School in your Will.