The Radley Foundation
Making A Bequest
A Legacy Guide
Every Radleian has been the beneficiary of the generations that have gone before; every generation has inherited opportunities that are the envy of their predecessors. All too often, these developments came about just after you had left – new classrooms and laboratories; study bedrooms in place of dormitories; the Sewell Centre instead of the corrugated iron arts school and the carpentry shop; the Sports Centre and the Astroturf, in addition to the Barker Gym and the pitches. These developments and many more were made possible by the generosity of Old Radleians and parents of Old Radleians – ORs and parents who chose to become benefactors.
Some are well known names in Radley’s history, such as Couzens and Thompson, who left legacies to provide scholarships, and Brigadier Radford, whose legacy provided the athletics track which is named after him. The vast majority were not particularly wealthy in a worldly sense. They held their school in affection and wanted to give something back. Thus, they set an example that carried the torch of generosity from one generation to the next.
If Radley has depended on benefactors in the past, the needs of the present are just as great. To provide a fine education in the 21st century is more expensive than ever as the College Council acknowledged when it created the Foundation. The objective of every good school is to develop the potential of all its students to the full: the objective of the Foundation is to develop the potential of Radley, so that it becomes an even better school. One way in which you can support the Foundation is through a legacy in your Will and
this brochure sets out the advantages of such giving.
Why make a bequest to The Radley Foundation?
This is a great venture for the coming decades and if, over the years, you can follow the example of your predecessors as benefactors, then the Foundation will indeed become the engine of Radley’s future.
Making a bequest to The Radley Foundation gives you the opportunity to:
- Leave something permanent behind you.
- Give something back to the College.
- Do more than you might have been able to do in your lifetime.
- Save Inheritance Tax.
We realise that the future is uncertain, that your family’s future is a first priority, and that you may well have many other calls on your loyalties and sympathies. Nevertheless, we hope that your time at Radley influenced your life and your career and you may like to reflect on how far your experience was made possible by the generosity of previous generations. If you would like to express your support and affection for the College by means of a legacy, this brochure will tell you how to go about it.
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How to Make a Bequest?
If you would like to express your support and affection for the College by means of a legacy, first of all please read through our legacy guide. Alternatively, work through the checklist below in conjunction with your accountant and/or solicitor, following the links where you require further information.
1. Decide whether you would like your legacy to benefit the Endowment Fund or whether you would like it put to more immediate use. More
2. Decide what sort of legacy you intend to leave. More
3. Contact the Development Director at Radley if you have any queries about the process or would like to discuss leaving a legacy for a special purpose.
4. Contact your solicitor. We have supplied samples of the wording s/he will need to use. More
5. If you have already made your Will and now want to make an alteration to it, just complete the codicil form and send it to your solicitor.
6. Please complete the online pledge form, which is not legally binding. More
7. You will be entitled to join the Vyvyan Hope Society if you wish. This will enable us to thank you during your lifetime for the legacy you are planning to make. More
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How to Go About It?
It is very important for everyone to make a Will to ensure that their wishes for their Estate can be carried out as they intend. A solicitor is the best person to advise on this and will be able to help you decide which of the following would be right for you.
1. A Residuary (or percentage) Legacy
Specific pecuniary bequests can be eroded by inflation or, more worryingly, if the overall value of the Estate falls, it could mean that the proportion of the Estate given was more than the legator intended. A way around this is to bequeath a percentage or fraction of the residue of your Estate after your specific bequests have been made.
2. A Pecuniary Legacy
This involves leaving a specific sum to a named organisation. The disadvantages of this method are as mentioned above. However, a legacy can be index-linked to preserve its value for the future, and your Solicitor should be able to provide you with a suitable wording for this.
3. A Reversionary Legacy
This method enables you to provide for your family first and then the College. It involves placing your Estate in trust so that named beneficiaries would be entitled to the income during their lifetime with possibly a power for the Trustees to advance capital if the beneficiaries were to need further funds for some unforeseen reason. After the death of the named beneficiaries, you could provide for the whole or a percentage of the whole of the capital to pass to The Radley Foundation.
4. A Substitutional Legacy
This means that you can leave your Estate to a particular person or persons, but if they predecease you, then the bequest could go to The Radley Foundation.
5. A Specific Legacy
You can leave specific personal possessions to The Radley Foundation such as property, stocks and shares, works of art, antiques etc. This can be an attractive option where the asset has appreciated in value over the years and a lifetime sale would attract a high capital gains tax liability.
6. Deed of Variation
If you become a beneficiary of someone else's Will, you may wish to consider transferring the whole or part of that inheritance to The Radley Foundation using a deed of variation. The value thus transferred would be exempt of the Inheritance Tax which would otherwise have been payable out of the Estate in respect of the value transeferred.
7. Life Assurance
A final suggestion is to take out a life assurance policy with The Radley Foundation as the named beneficiary. In this way, for a very modest premium, you can ensure substantial benefits for the College.
It is, of course, also possible to combine one or more of the above.
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Tax Matters
You should consult your legal adviser or accountant before making a new Will or making any changes to your existing one but, in general, gifts made to Radley, during your lifetime or on your death, are exempt from Inheritance Tax. Bequests made to charities, including The Radley Foundation, can be deducted from the net value of your Estate, thus reducing your Inheritance Tax liability.
The Inheritance Tax threshold is usually reviewed in the Budget each year and information on the current level is always available from the Foundation Office.
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Suggested Wording
"I give to The Radley Foundation
With the request that it be used for such purposes in connection with Radley College as the Trustees in their absolute discretion think fit/with the request that the funds be used for I confirm that the receipt of a person who appears to be a proper officer of The Radley Foundation shall be a good discharge to my Executors and if at my death The Radley Foundation has ceased to exist or has changed its name or amalgamated with another charity the gift to it shall not fail but my Executors shall pay it to the charity which most nearly fulfils the objects which I intend to benefit."
If you have already made a will and would like to make an alteration to it, just complete the codicil form. It is essential that a codicil (or Will) is signed and witnessed correctly. If you have any queries regarding the procedure for this or the format of the codicil, you should consult a solicitor.
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Making a Pledge
If you decide to leave a legacy, of whatever size, to The Radley Foundation, we would be grateful if you would let us know by completing the online pledge form. You do not need to give any details of your legacy if you would prefer not to, nor is this pledge form legally binding. It is simply a statement of your present intentions and, as such, will help us with our future planning. It will also enable us to invite you to become a member of the Vyvyan Hope Society.
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