Leaving a Legacy

We recognise that your Will is a deeply personal matter. We also recommend that you always consult a solicitor when drawing up your Will. However, we would be pleased to discuss your intentions with you, especially if you have a particular idea about how you would like your legacy to be used.

If you do choose to let us know that you have remembered the school in your Will we would be very grateful for the opportunity to thank you for your support.

Please contact Alice Holohan, Director of Development and Alumni Relations, if you would like to discuss a legacy – Alice can be reached on asah@exeterschool.org.uk or +44 (0)1392 458 940.

There are several ways in which you can choose to leave a legacy to the school:

Residuary bequest

A residuary legacy is the whole, or a percentage share, of everything you own (your estate), once all gifts, debts, taxes and associated costs have been deducted. Residuary legacies are not affected by inflation because there is no fixed sum.

Pecuniary bequest

This is a gift of a fixed sum of money. These types of legacies can often be affected by inflation and their value may decrease over time. It is, however, possible for the amount to be increased in line with inflation to safeguard the value of your gift. You should consult a solicitor and/or accountant for full details on index linking your bequest.

Specific legacy or gift in kind

This is the gift of something valuable, such as property, a piece of jewellery, or stocks and shares. The form of the wording in your Will is the same as for a pecuniary gift, except the gift itself is specified instead of a cash sum.

Reversionary legacy

This gift has the advantage of providing for your family first by passing your estate to an initial beneficiary to benefit from during his or her lifetime. This type of gift is often considered by couples. When the original beneficiary dies, the gift in your Will reverts to the school. Reversionary legacies can be complex, and we advise that you discuss this fully with your solicitor.

When adding Exeter School as a beneficiary to your Will we always recommend consulting a solicitor. We have provided some potential forms of wording below.

Residuary gift

I give ___ percent of my residuary estate to Exeter School (Exeter School, Victoria Park Road, Exeter, EX2 4NS – Registered Charity No 1093090) to be applied for its general purposes and I declare that the receipt of the Bursar or appropriate officer shall be a complete discharge to my trustees.

Pecuniary gift

I give £_______ to Exeter School (Exeter School, Victoria Park Road, Exeter, EX2 4NS – Registered Charity No 1093090) to be applied for its general purposes and I declare that the receipt of the Bursar or appropriate officer shall be a complete discharge to my trustees.

Altering your existing Will to include a legacy to the school is a straightforward and inexpensive process. Such an addition is usually made though a supplement to your Will, known as a codicil.

Codicils need to be witnessed, signed and dated in exactly the same way as your Will. The witnesses do not have to be the same as those who witnessed your Will, but they cannot be beneficiaries under the Will or codicil, or the spouse of the beneficiary.

Example of a codicil:

I _______ _______ (name) of _______________________ (address) declare this to be a (first/second/or subsequent) codicil to my Will dated _________. In addition to any legacies given in my said Will I give to Exeter School (Exeter School, Victoria Park Road, Exeter, EX2 4NS – Registered Charity No 1093080) the sum of £___________ [figures and words]/specific item ______ / ___% share of my estate to be applied for its general purposes and I declare that the receipt of a proper Officer of the School shall be sufficient discharge to my Executors.

We always advise consulting solicitors who can give guidance on whether it is more appropriate to rewrite your Will rather than add to it.

What type of gift is best?

First and foremost, we always recommend talking to a qualified solicitor who can provide you with appropriate advice. Beyond this, any gift to Exeter School will make a difference. A residuary gift is popular with many supporters because it takes care of others first and remains proportional to the value of your estate by keeping pace with inflation.

Can I leave a gift to be used for a specific area of work or project?

If you choose not to limit your gift to a specific project it can be incredibly helpful to us – we will use your gift wherever the need is greatest. At the moment the school would like to purpose all legacy gifts toward our bursary fund to enable future generations of Exonians to access an Exeter School education.

However, if you have something particular that you would like to support, then please do contact Alice Holohan to discuss your specific gift in more detail.

Do I need to draw up a new Will?

If you do not wish to alter the contents of your existing Will other than to include a gift to Exeter School you may be able to amend your current Will by preparing a document called a codicil. A codicil needs to be signed and witnessed in accordance with the same legal formalities as a Will and we therefore recommend that you consult a solicitor to ensure that the codicil is valid and your wishes will take effect. We have included a codicil template for you to use should you need it. Once again, we recommend taking advice from a qualified solicitor.

Can I save tax by leaving a gift to Exeter School?

A gift to Exeter School in your Will does not attract inheritance tax, which may save tax that your estate would otherwise have to pay.

You can also cut the inheritance tax rate on the rest of your estate from 40% to 36%, if you leave at least 10% of your net estate to a charity.

Tax is a complex area of law and we recommend you take specialist independent advice, particularly if you have substantial sums to gift to individuals and charities. Your advisor can assist in drafting your Will to ensure gifts are transferred in the most tax efficient way and therefore give the greatest value to the individuals and charities concerned.