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.