Types of legacy

A Residuary Legacy

This allows you to leave all or a percentage share of your estate after all other bequests have been made and costs paid. This type of legacy aims to safeguard the value of your donation and is particularly beneficial to charities.

A Pecuniary Legacy

This is a gift of a fixed sum of money. Although this is the simplest type of legacy to administer, the value of the donation may be depleted over time by inflation.

The Substitutionary Legacy

When considering your Will, you will naturally feel a prime duty to provide for your dependants. However, you may wish to direct that where a gift in favour of any intended recipient is not possible (perhaps because they pre-decease you), the value of the gift would pass to College instead.

The Revisionary Legacy

This enables dependants to be put first as beneficiaries of the Will. They enjoy the assets during their lifetime and the Legacy is passed to College only on their death.

A Specific Bequest

A particular named item is left as a gift in your Will. This may be stocks or shares, the proceeds of a life insurance policy, property, a work of art, furniture or jewellery.

Changing or updating an existing Will

If you would like to modify an existing Will, you can do so by adding a Codicil. Although this is a straightforward process, it does need to be formally executed and legal advice should be sought.

How to make a bequest