Leaving a gift in your Will
It is tremendously important that you make a will to ensure that your loved ones’ inheritance is secure. Should you die without a will, the state will decide how to split up and distribute your estate which may not be in line with your wishes.
Estate planning, that is, drawing up a list of your property and thinking about ensuring the financial security of your family and friends as well as leaving gifts to charitable causes close to your heart will ensure that your wishes will be followed.
UK legislation in relation to making a will favours charitable giving by reducing taxation due on the remainder of an estate if a small proportion of the entire estate is given to charity.
The Buckingham Society
We invite Members who choose to leave a legacy to join the Buckingham Society. Members are invited to a biennial luncheon hosted by the Master and are listed in the Impact Report published in autumn every year.
The Buckingham Society is named in honour of the patronage by the family of Henry Stafford, the 2nd Duke of Buckingham in the fifteenth century.
Inheritance Tax Planning
Magdalene is recognised as a charity for tax purposes in the United Kingdom. Gifts to charities in legacies are exempt from inheritance tax, which is levied at 40% on assets exceeding £325,000.
Anyone who leaves 10% or more of the net value of their estate to charity will benefit from a reduction in the rate of inheritance tax from 40% to 36%.
It is important to seek independent legal and financial advice when drawing up your will. A legally-recognised Codicil Form is available and can be added to your existing will.
Form of Words
If you would like to include a clause in your will to benefit the College, please use the following wording:
"I give to the Master and Fellows of THE COLLEGE OF ST MARY MAGDALENE in the University of Cambridge (Registered Charity Number 1137542) the residue / a portion of my estate / the sum of £ (amount) free of tax for the Master and Fellows to apply in such a manner as they in their absolute discretion think fit for the benefit of the College and I declare that the receipt of the Director of Development or of the authorised officer for the time being of the College shall be a good and sufficient discharge to my Executors."
Members are welcome to email the Development Director or call +44(0)1223 332160 to discuss leaving a legacy to the College.