How to leave a gift in your Will
Should you wish to speak to someone directly about leaving a gift in your Will to the University of Leicester, you can contact:
+44 (0)116 252 2354
Does the University of Leicester have charitable status?
Yes, The University of Leicester has charitable status for all UK tax purposes (HMRC number X23305/3) in accordance with Charities Act 2011. HMRC number X23305/3 can be used in place of a registered charity number.
What is the University of Leicester's legal name?
The University of Leicester's legal name is 'The University of Leicester'.
Who should write my Will?
Whether you are writing a Will for the first time or updating your existing Will, we recommend that you seek legal advice. Using a professional solicitor will make sure that everything is actioned in accordance with the law, and will ensure that your Will is valid.
Can I add the University of Leicester to my existing Will?
Yes. You can do this by adding a codicil to your existing Will. A codicil can be used in the case of minor changes; it is a supplement to your existing Will. It is essential that you speak to your solicitor about introducing a codicil to your Will.
Can the University of Leicester help with writing a Will?
We can offer you a free Will through the Free Wills Network. We will put you in touch with a solicitor who can help you make or amend a simple Will at no cost. For more information, please contact Rosie O’Connor (contact details as above).
What are the different types of legacy gifts?
There are a number of different types of gifts you can leave in your Will. We would advise you to explore all options with your solicitor. The two types we most regularly receive are:
- Residuary gift - a gift of a percentage of a person's estate. Gifts of this type are the most beneficial as they retain their value over time.
- Pecuniary gift - a cash gift of a specified amount. It is recommended for pecuniary gifts to be index linked so that their value doesn't depreciate over time.
Do you have any recommended wording for including a gift in my Will?
We always recommend that you speak to your solicitor about the most appropriate wording for your own Will.
Your solicitor may use this sample wording as a guideline: ‘I give the University of Leicester (X23305/3), University Road, Leicester, LE1 7RH <xx% of my estate> or <specific amount> to be applied to <Greatest Need/chosen area>. The receipt of the Director of Finance or other duly authorised officer of the University shall be a good and sufficient discharge to my executors.’
Should you wish to direct your gift then it is recommended that you speak to us as we want to ensure that we are able to fulfil your wishes.
Is leaving a legacy gift tax efficient?
Remembering the University of Leicester in your Will is a tax-efficient way of supporting the University. Your estate may be subject to inheritance tax and it may be advantageous to distribute your estate so that your family and friends are left gifts below the tax threshold and therefore not subject to inheritance tax. Under current law, if your estate is worth more than £325,000, your beneficiaries will have to pay 40% of the part that is over the threshold to HMRC.
We also recommend that you speak to your solicitor about inheritance tax. If you'd like to find out more, you can view the HMRC's guidance on inheritance tax.