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Types of Legacy

If you are considering leaving a legacy to Canford, thank you.  Regardless of the size of the gift, rest assured, it will make a real difference to the education of a Canfordian.  

There are four types of gift that can be included in your Will or in a Codicil to an existing Will:

RESIDUARY LEGACY

A residuary legacy is the gift of the remainder of your estate (or a percentage of the remainder) after all other gifts to family and friends have been distributed and all other debts and expenses have been paid. A residuary legacy increases in line with inflation.

PECUNIARY LEGACY

A pecuniary legacy is a gift of a specific sum of money. When making a pecuniary legacy it is possible for you to index-link the gift in order to ensure its intended value over time. 

SPECIFIC LEGACY

A specific legacy refers to the gift of a specific asset (for example, stocks and shares, property, life insurance policy, artwork, furniture or jewellery) rather than a monetary amount. 

REVERSIONARY LEGACY

A reversionary legacy is effectively a postponed gift. It allows a specifically named person(s) to benefit from your estate (or part of it) during their lifetime and on their death, your estate (or part of it) then passes to Canford.

As your Will is one of the most important documents you will ever make, we recommend that you consult your legal advisers before drafting a new Will, updating an existing one or making other plans for your estate.

We will steward your generosity towards the areas where they are needed most and will always do what we can to ensure that any wishes expressed by you are respected.  

Canford is a registered charity (charity number 306315) and accordingly, all legacies made to the school are exempt from UK Inheritance and Capital Gains Taxes. Under current rules, if you leave 10% or more of your chargeable net estate to charity, the Inheritance Tax rate on the whole of your taxable estate is reduced from 40% to 36%. 

Providing for Canford in your will demonstrates a tremendous commitment on your part, one that we think should be honoured during your lifetime. We have established the Nineveh Legacy Society as a way to honour and thank those who remember Canford in their wills during their lifetime.

Please contact Rowena Gaston 01202 847471 rjg@canford.com  for any further information relating to leaving a legacy to Canford.  

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