Can I leave a gift to Clare College? I didn't know it was a charity.
The College is a registered charity (number 1137531). This means that any lifetime gifts to Clare are eligible for Gift Aid, and that a gift to Clare in your Will is free from Inheritance Tax. In addition, leaving a legacy to Clare in your Will may have tax benefits for your estate by reducing the amount liable to Inheritance Tax. For example: A legacy to Clare of £10,000 out of an estate that is subject to Inheritance Tax (excess over £325,000 in 2014/15), might actually cost the estate only £6,000 net, because the remaining £4,000 is a tax saving (40% of £10,000).
Can you tell me the difference between a pecuniary, a residuary and a reversionary legacy?
You'll find this information under How to leave a gift in your Will. Alternatively, please click here to read or download our Legacy Brochure, which includes this information.
Could the value of my legacy go down over time?
It is difficult to predict precisely what the value of your legacy will be ten, twenty, or thirty years from now. However, the most effective way to protect your gift against inflation is to leave a percentage of your estate to charity, rather than a specific sum whose value is likely to decrease year on year as a result of inflation.
Can I give a copy of my signed Will to anyone for safekeeping?
You can keep a copy of your Will with your solicitor or bank, as well as holding a copy yourself. It is also wise to tell your executors where they can find the original. From time to time you should review your Will to make sure it still accurately reflects your wishes and takes account of recent events in your life, such as the birth of a grandchild.
How can I be sure that Clare really needs my legacy?
Legacies are a hugely important source of income for the College. Without them we could not offer the broad range of opportunities to students through excellent teaching and the tutorial system. Without them we could not offer a comprehensive bursary programme for students from poorer backgrounds. Without them we could not maintain the fabric of Old Court and the other College buildings. The money we receive from external sources (i.e. academic fees and income from our conference programme) will not be sufficient on its own for Clare to be able to sustain and develop its position as a centre of excellence.
Can legacies really provide enough income to make a difference?
Yes, they can and do. The College has received over £6 million in legacy gifts over the last fifteen years. These funds have been put to immediate use to support current Clare students through bursaries, travel awards and choral scholarships, as well as substantially boosting the endowment.
Can you tell me what Clare spends legacy income on?
You'll find more information about recent legacy gifts and how they have been spent under How to leave a gift in your Will and Gifts others have left. You might also like to read or download our current Legacy Brochure.
Can I choose how my legacy will be spent?
Yes, you can. Whilst we particularly welcome legacies that can be used for general purposes, and/or to build up the College's general endowment, we are also very happy to accept gifts for particular use. That means you can choose what your money is spent on – a favourite part of the College perhaps, or a bursary for a student studying a particular subject. What we do suggest, though, is that if you have a specific purpose in mind for how the College should use your legacy, it is always extremely helpful for us to discuss this with you to ensure that your wishes can be fulfilled in the best manner possible.
How can I be sure that you will spend my legacy ?
Whatever your wishes, we will respect them and act upon them, as long as what you have requested does not conflict with College policy. We highly recommend that if you have a specific purpose in mind for how the College should use your legacy, it is always extremely helpful for us to discuss this with you to ensure that your wishes can be fulfilled in the best manner possible.
Can I choose how much I want to leave and does it have to be a lot of money?
Anyone can leave a gift to Clare in their Will and we welcome all gifts – large and small. Some people leave us specific amounts of money and others choose to leave us the residue of their estate, which can be arranged so that surviving dependants are looked after first. But whether you give £1,000, £10,000, or £100,000, your gift will be valuable to the College.
Can I talk to someone about leaving a legacy to Clare?
You can contact the Development Office to discuss any questions you may have.