There are some key facts about leaving a gift in your will to Kingston University:
- You can make sure that your family and friends are the main benefactors of your will and still make an impact on the future of Kingston University and our students.
- You can specify precisely where you want your gift to be directed or you can leave this decision to future University leaders.
- You can make a gift of any size. There is no minimum or maximum amount. You can leave a gift of 1 per cent of the value of your estate to Kingston University and make a huge difference.
- The majority of individuals who leave a gift to the University in their will have modest estates, but their combined impact is significant.
- A gift in your will to Kingston University you can significantly reduce the amount of inheritance tax payable on your estate.
- Informing the University about your legacy is not binding in any way and you can change your mind at any point.
- If you have decided to make a legacy, but already have a will, you can make an addition to your existing will through a codicil. Only changes to a will through a codicil are valid.
Types of legacy
There are a number of different types of legacy gifts:
- Giving a share of your estate
This is known as a residuary legacy and it is stated as all or as a percentage of your remaining estate, once all fees, outstanding costs and other gifts have been taken care of. The share of your estate can be large or small; just 1 per cent of your estate can make a massive difference to our students. We have some suggested wording for leaving a residuary legacy.
- Making a gift of a fixed sum of money
This is called a pecuniary legacy. You can link your legacy to the Retail Price Index (RPI) to ensure that the value of the gift you make today is worth the same in the future. This will prevent your gift from decreasing in value over time. We have some suggested wording for leaving a pecuniary legacy.
- A postponed gift
Known as a reversionary legacy, this gift allows you to leave your estate, or part of it, in trust for the benefit of a particular person during their lifetime. They benefit from using the assets, or receiving the income from them, during their life. On their death, the assets pass to other chosen beneficiaries (called 'reversionary beneficiaries') such as the University.
- A gift in your will need not be in the form of money
A gift called a specific legacy enables you to leave specific assets such as property, stocks and shares or other valuables if you so wish.
Reducing inheritance tax
By remembering Kingston University in your will you may be able to reduce the taxable value of your assets and so lower the amount of inheritance tax due on your estate.
The Inheritance Tax Threshold (IHT) is £325,000 as at January 2013. If the total value of your estate is above this threshold, it will be subject to IHT.
As Kingston University has charitable status, a gift in your will would be exempt from IHT. The gift will be deducted from your estate before IHT is calculated, and so reduce the amount of IHT payable. Your solicitor will be able to offer you further advice and guidance on efficient tax planning.
There is now a further incentive when you leave 10 per cent or more of your net estate to charity. If you leave charitable gifts in your will that amount to 10 per cent or more of your chargeable net estate, the IHT rate on the whole of your estate will be reduced from 40 per cent to 36 per cent.
Please check the for further information.