Why leave a legacy?
Leaving a legacy gift is an incredible gesture that demonstrates absolute faith in an institution, beyond a lifetime. At Bedford, legacy donations help us consistently evolve the school experience our boys receive, enabling us to nurture their ability and character, preparing them to become leaders of tomorrow.
As a legacy gift is exempt from Inheritance Tax it also has the potential to reduce the tax burden on your family, whilst maximising the benefit of the gift to the School. As little as one percent of your estate will help us continue to offer an exceptional education to young Bedfordians.
A legacy gift is a pledge, so if your circumstances change and as a result your ability to give, you can alter your Will.
DECIDING WHERE YOUR LEGACY WILL GO
You choose how you would like the gift to be used.
Unrestricted giving – These allow the school to react to current needs and help us to remain highly competitive in the independent school market.
The James Surtees Phillpotts’ Bursaries Fund – The James Surtees Philpotts’ Bursary Fund supports pupils whose families demonstrate the greatest financial need. The means-testing process that is applied to all bursary applicants must indicate that the family can afford less than 20% of tuition fees for a pupil to qualify for support from this fund.
Specific Gifts – Your legacy could be used to contribute to the plethora of opportunities boys enjoy, either unrestrictedly or by stipulating a use that reflects an aspect of school life, such as sport, the arts or a particular taught subject.
You can Get in touch with the Development team if you would like to discuss how you would your gift can be used.
Gift options
There are different types of legacy gift that you can make.
- 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 testamentary debts and expenses have been paid.
- 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 secure its intended value over time.
- Specific Legacy refers to the gift of a specific asset (e.g., stocks and shares, life insurance policy, property or items such as paintings or jewellery). This can be an attractive option where the asset has appreciated in value over the years, and lifetime scale would attract a high Capital Gains Tax liability.
- 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 Bedford.
- Conditional – If none of your dependants survives you, your estate passes to other named beneficiaries and charities, for example, Bedford School.
“. . . being here on a bursary simply opened the door to an opportunity that I would never have had otherwise”
Ciaran
How to make a Legacy
If you choose to leave a gift in your will, you will need to inform your solicitor, who can advise the best type of legacy for you and add your wishes to your will. Please ensure that any legacy is made to the Bedford School Foundation Trust (Registered Charity No. 1094232)
If you decide to leave a legacy to Bedford School Foundation Trust (in confidence if you wish), we would be grateful to know by letter or by completing this form. This is not a requirement, but it assists the School in its long-term financial planning. It also enables us to say thank you.
Thank you
We appreciate and seek to recognise all those who intend to leave a legacy gift to the school and automatically welcome them as a member of the 1552 Club.
This is our opportunity to acknowledge and thank you during your lifetime, with invitations to special events at the School and an early opportunity to learn of the School’s plan for its future. Each member receives a letter of appreciation and is invited with their partner annually to the Founders and Benefactors Service, followed by a lunch with the Head Master, Governors and senior staff in the Great Hall.
“In 2003 I notified the Foundation of a gift to Bedford School in my will. As an 11+ scholarship boy from a hard-up local family, I benefitted enormously from my years at Bedford. They equipped me for a marvellous and diverse career. I want to leave help for other boys from families of limited means to have the same chance.”
If you would like to find out more information or discuss a donation, please do get in touch with Vin Gaten at vgaten@bedfordschool.org.uk or +44 (0)1234 362256. Alternatively you can view our Legacy Brochure below or download a copy here.