Page 5 - Millfield Foundation - Legacy

TYPES OF BEQUESTS

A bequest to Millfield can be tailored to suit your own personal vision, with
a variety of options available to consider, as outlined below. We understand
this can be a daunting field to navigate and are fortunate to have been offered
the support of an independent specialist probate solicitor who will provide
assistance on a pro bono basis if required.
Pecuniary – A gift of a fixed sum of money set out in a Will.
The value of a pecuniary gift will decrease over time, as the cost–of–living
increases.
Residuary – A gift of the residue (or a share of the residue) of an estate.
Residue is what is left after all debts, funeral expenses, certain other costs and
tax and any other legacies have been deducted.

This type of legacy is the most valuable, as its value is unaffected by inflation.

Specific – A gift of a particular named item that could be used by the school
or sold for the proceeds. For example, a piece of jewellery, furniture, a
painting, buildings, land, house contents, chattels, or shares.

Contingent – A gift that is dependent upon the occurrence of an event which
may or may not happen. For example, a gift to a charity which applies only if
other beneficiaries named in a Will die before the individual dies.

Reversionary – Either a specific, pecuniary, or residuary gift, that is left
to another beneficiary in the first instance, but will revert to the school
absolutely, usually after the initial beneficiary has passed away. This is a
common type of gift that couples or parents often consider, where a gift is set
up as a Will Trust. The interest goes to the surviving spouse (or children) for
their lifetime, and the school benefits from the gift on the spouse’s (or child’s)
death. Occasionally, there can be second intermediary beneficiaries (children
or grandchildren), too.