‘I value young people because I see in them beacons of hope - so I am very happy that there is a legacy to West Buckland School Foundation in my Will’
Michael Downward – Headmaster 1978-1997
Leaving a legacy to the West Buckland School Foundation will help to ensure that the School can maintain its traditions and ethos by providing wider access through bursaries and will also allow it to react to development needs, as and when they arise, and so provide the best of facilities for the pupils and staff of West Buckland School. There are several different types of legacy that your solicitor will be happy to discuss with you when making a Will or including a codicil in an existing Will. Advice should always be taken from either your solicitor or your financial advisor before making or changing your Will.
A Specific Legacy
A Specific Legacy is one where a specific item, such as a piece of furniture or a painting, is left to the School. Your gift however could take any form. It is possible to leave gifts in the form of shares or even property. The Foundation could then sell the asset and utilise the proceeds as the Trustees think appropriate. This could in fact be an attractive option where the asset has appreciated in value over the years and where a Capital Gains Tax liability exists. All gifts to a registered Charity, such as the West Buckland School Foundation, are free of tax.
A Pecuniary Legacy
A Pecuniary Legacy is one where a specific sum of money is left to the School. You may wish to express your desire as to whether that money should be used to endow the Bursary Fund or Capital Projects Fund. Alternatively you may direct that the money be put into the General Fund of the Foundation leaving its use to the discretion of the Trustees.
‘The School has touched and shaped many lives. Investing in its future is a personal way of saying thank-you’
Alan Parker 1960-1965 G
A Residuary Legacy
A Residuary Legacy is expressed as a percentage or fraction of your estate after all debts and other bequests have been settled. This type of legacy enables you to provide for your close relatives, dependents and friends and then divide the remaining part of your estate amongst your other chosen beneficiaries.
Unlike a Pecuniary Legacy where the value of the gift can be eroded over time the Residuary Legacy is one way in which you can protect the relative worth of your gift.
A Reversionary Legacy (A Life Interest)
It is only right and also understandable that we are concerned about the security of those that we leave behind and that correct provision is made for those close to us. In the case of a Reversionary Legacy you can leave items, money or your estate (or percentage of it) to the West Buckland School Foundation; however such items, money or your estate will be enjoyed by your spouse or chosen beneficiary during their lifetime at the end of which the bequest reverts to the Foundation.
‘Without the bursary I would never have been able to go to the School and perhaps this is the main reason why I have decided to make a donation to the West Buckland School Foundation in my Will’
Graham Harrison 1959-1966 C