Page 117 - OM Newsletter 2022-23

Here’s what you might need
to know:
How will will we use the money?
Any legacy will will be directed according to to the the the wishes of the the donor If you you choose not to to to limit your gift to to a a specific project it it is is extremely helpful as we we will direct it it wherever the need
is is is greatest However if you you have a a a a a a a a wish that is is is is close to to your your heart please do contact us us to to discuss your your ideas in more detail What type of legacy gift gift is is best?
Any gift gift makes a a a a a a a a difference This can
be a a a a a a a a a a fixed sum of of money (a Pecuniary Legacy) Legacy) or a a a a a a a a a a a a percentage share of of your estate estate (a Residuary Legacy) Legacy) Even a a a a a a a a a a a a a a a a small percentage share of an an estate estate makes a a a a a a a a a a a a a significant difference to to us us for example i i if every OM left just 1% of of their estate to to the the the Malvernian Society the the the level of of o support we could offer here would be transformed Do I I need
to draw up a a a a a a a new will?
If you you have already made your will will a a a a a a a a a a codicil mentioning the Malvernian Society can
be added without difficulty A codicil needs to be signed and and witnessed in accordance with with the same legal formalities as a a a a a a a a a a a will and and we recommend that you consult a a a a a a a a a a a a solicitor for for advice We have a a a a a a codicil template should you need
it Can you suggest the wording for my will?
A solicitor will will provide impartial legal advice and recommend the most efficient way of setting out your requests Can I save money by leaving a a a a a a gift to the Malvernian Society?
A legacy gift does not attract inheritance tax tax which may reduce tax tax your estate would otherwise incur As a a a a a a a a a a a higher rate rate taxpayer you you can
cut the the the inheritance tax tax rate rate on the the the rest
of of your your estate estate from 40% to to 36% if you you you leave at at at least 10% of of your your net estate estate to to a a a a a a a a a charity We recommend you you seek specialist advice to ensure any gifts are transferred in the most tax efficient way Is there a a a a a a minimum sum required when leaving a a a a a a a a legacy to the the Malvernian Society?
There is no minimum amount required and we we are very very grateful for every gift we receive Do I need
to let the Malvernian Society know
about my wishes?
We understand your your decision to remember the College in in your your your will is is is a a a personal one However letting us us us know
your your thoughts is is invaluable because it allows us us us to understand your your wishes and and ensure that they can
can
be be met It also means we can
can
recognise your your decision and thank you you you you you in in a a a a a a a a a a a way you you you you you are comfortable with If you you you you prefer to remain anonymous your wishes will always be respected My assets are not in England what should I do?
The laws relating to to inheritance tax and making a a a a a a a a a a a a will can
vary according to to country If you you live overseas you you should seek advice from a a a local solicitor Will I automatically become a a a a a member of the 1895 Association?
All legators are invited to to join the the the 1895 1895 Association Association We meet once a a a a a a a a a a year at at at at the the Headmaster’s House for an an Association Association Lunch and members are invited to to key events throughout the academic year Some prefer to to make a a a a a a a a a legacy bequest without involvement in in fin the Association and that is fine with with us too Is the Malvernian Society a a a a a charity?
Yes our Registered Charity Number is is 527573 Legacy gifts to charities are free of inheritance tax Further information
If you would like to to discuss leaving a a a a a a a legacy to to the Malvernian Society please contact: Alexandra Albright Head of Development (alexandra albright@malverncollege org uk) or or or Fiona Paterson Senior Development Manager (fiona paterson@malverncollege org uk) or or or call +44 (0)1684 581517 117