Leaving a bequest to Charterhouse is one of the best ways of having a lasting impact on the School.
All those who have pledged a legacy are invited to join the Thomas Sutton Society and will be invited to a special members-only event each year.
Do please let us know if you are considering leaving a bequest. The more we know about your wishes, the better able we will be to honour your intentions in full when we receive your bequest.
If you are a UK taxpayer, a gift in your Will (Charterhouse is a registered charity no. 312054) is free from tax and it could reduce the inheritance tax due on your estate. From 6 April 2012, if you leave 10% of your estate to charity the tax due on the remainder given to other beneficiaries reduces from 40% to 36%. For more information please visit www.hmrc.gov.uk.
How to Leave a Legacy
Legacies can take many forms, the two most common being residual and pecuniary. A residual legacy would leave all, or a percentage of your estate (after specific bequests and costs have been deducted) to the School. Such a legacy is unaffected by inflation. A pecuniary legacy is a gift of a specific sum of money. Such a gift could be affected by inflation. To prevent the value of such a gift being eroded by inflation over time, a pecuniary legacy can be linked to the Retail Price Index, to ensure that the gift represents the original intention of the bequest.
We strongly recommend that anybody wishing to support Charterhouse through a legacy should seek qualified legal advice to ensure that your interests are protected and your wishes properly recorded.
The sample wordings below should be tailored to your own circumstances and should reflect your particular wishes.
For a Residuary Bequest
I give all (or a ….% share) of the residue of my estate to The Governing Body of Charterhouse School (registered charity 312054) to be used for its general charitable purposes and I declare that the receipt of a proper officer of the School shall be a sufficient discharge to my Executors.
For a Pecuniary Bequest
I give free of tax to The Governing Body of Charterhouse (registered charity 312054) the sum of £ (figures and words) to be used for its general charitable purposes, and I declare that the receipt of a proper officer of the School shall be a sufficient discharge to my Executors.
For an Index-linked Pecuniary bequest
I give free of tax the sum of money produced by dividing the sum of £ (figures and words) by the index figure in the Index of Retail Prices ('the Index') for the month in which this Will is executed and (having made allowance for any re-basing of the Index which may have happened in the meantime) multiplying it by the index figure in the Index for the month in which my death occurs, to The Governing Body of Charterhouse (registered charity 312054) and I declare that the receipt of a proper officer of the School shall be a sufficient discharge to my Executors.
Making changes to an existing Will
Simple alterations are usually made through a supplement to your Will known as a codicil. It confirms the original Will but adds to it. However, it is always sensible to consult a solicitor who will advise you whether it is more appropriate to re-write your Will rather than add to it. 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 of course they cannot be beneficiaries under the Will or codicil or the spouse of the beneficiary.
An example of a codicil is listed detailed below:
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 The Governing Body of Charterhouse (registered charity 312054) (the sum of £[figures and words]/specific item/__% share of my estate) to be used for general purposes and I declare that the receipt of a proper officer of the School shall be a sufficient discharge to my Executors.
You may, of course, stipulate any restrictions on how you would like your legacy to be used.
For more information, or if you would like to direct your legacy gift in a particular way, please contact Chris Hibbs for further information.