Why leave a legacy?
A legacy gift is an opportunity to support the development of future generations and invest in an education that is second to none. Even the smallest donation can make a real difference, and leave an impact beyond your lifetime without affecting your ability to take care of loved ones.
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. A legacy gift is a pledge, so if your circumstances may change and as a result your ability to give, you can alter your Will.
How your gift will be used
You choose how you would like the gift to be used.
Most donors are happy for the School to utilise the funds for the maximum benefit or where it is most needed, so they give an ‘unrestricted’ gift. This gives us the most flexibility.
If you have a strong preference on how your gift should be used, we are happy to accommodate this. Perhaps you would like to give a full or part scholarship, or would like to give to a specific department like Music. Get in touch with the Foundation team if you would like to discuss how you would your gift can be used.
There are different types of legacy gift that you can make.
- Reversionary legacy: This is a way of providing for your family first and then charity. It involves leaving your assets to trustees so that the beneficiaries can enjoy the income during their lifetime with the whole or a portion reverting to the Bedford School Foundation on their death.
- Residuary legacy: This is a gift which is all or part of the remainder of your estate once all other gifts, debts, taxes and fees have been met. With this type of gift, you do not have to quantify the sum nor worry about inflation when writing your Will.
- Conditional legacy: This is a gift that is only acted upon if a specified event happens. For example, if you want to give a part of your estate to a family member, a conditional gift to the School may only come into effect if the named beneficiary does not survive you, so that part is given to the School.
- Pecuniary legacy: This is a specified, fixed sum of money (the value of this type of legacy may decrease over time due to inflation).
- Specific or non-monetary legacy: You can leave a personal possession, such as property, stocks and shares, jewellery, works of art or books – please get in touch with us to discuss this first.
How to make a Legacy
You can include a paragraph expressing your gift when writing your Will. If you have already drawn up a Will, you can add a bequest by completing a Codicil Form and keeping it with your Will.
If you decide to leave a legacy to Bedford School Foundation (in confidence if you wish), we would be grateful to know by letter. Alternatively, you can fill in and return this Confidential Legacy Pledge 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.
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.
If you would like to get more information or discuss a donation, please do get in touch with Anna Saunders (Database and Foundation) on ASaunders@bedfordschool.org.uk or +44 (0)1234 362255.