Types of legacy
A Residuary Legacy involves leaving all or part of the residue of your estate, after other bequests to your family and friends have been made and expenses have been met. You may give the whole residue to a particular person or organisation such as the College or you may apportion the residue between several beneficiaries.
A Pecuniary Legacy allows you to give a specific sum of money to the College, whose value can be protected from inflation by being linked to the Retail Price Index or similar.
A Reversionary Legacy involves leaving all or part of your estate to Trustees so that it reverts to the College when the beneficiaries (e.g. your spouse, partner or dependents) die. The beneficiaries have the benefit of the legacy during their lifetime.
A Conditional Legacy leaves all or part of your estate to a particular person, but in the event that they die before you, then the legacy would go to the College.
A Specific Legacy is a gift of a specific possession to the College. This may be in the form of property, valuables, works of art, copyrights, patents, intellect property rights, stocks and shares or even share options.
It is simple to include any of these types of legacy to Churchill College in your Will, either at the time of its making or at a later date by completing a Codicil to an existing Will. We recommend that you should seek legal advice.
The importance of making a Will
Your Will is a legal document that can help to safeguard the future of those you care for. It can record in precise detail how you wish your possessions to be distributed after your death. A Will also enables you to appoint ‘executors’ — that is, persons of your choosing to administer your estate.
For more information please contact the Development Office.
