Leaving a Legacy

Leaving a gift in your Will to a charity, once you have provided for your loved ones, is a meaningful way to make an impact on a cause that matters to you, long into the future.

Legacy gifts are vital in helping to fund all areas of College life for future generations, contributing to our long-term financial security and ensuring that young women can continue to benefit from all that our College offers, regardless of their financial circumstances.

If you would like to discuss leaving a gift to Murray Edwards in your Will, please contact the Development Office –

Email: development@murrayedwards.cam.ac.uk

Tel: 01223 762288

Suggested wording

I give to the President and Fellows of Murray Edwards College, founded as New Hall, in the University of Cambridge (Registered Charity number 1137530, Inland Revenue reference X86888), [bequest] to be used for the general purposes of the College. The receipt of the Bursar of the College shall be sufficient to discharge to my executors.

What kind of legacy can I leave?

There are several common forms of legacy. We recommend that you seek professional advice in deciding which is the most appropriate for you. Find a solicitor.

Residuary - The residue of an estate is what is left after all other bequests, taxes and debts have been settled. You can leave part or all of the remainder of your estate to a charity like Murray Edwards College. This means that you do not have to specify a sum, and you do not have to worry about inflation as the value of your legacy will increase with the value of your estate.

Pecuniary - A pecuniary legacy specifies a sum of money. Although many people choose to leave a fixed sum, inflation can erode the value of this gift and might not reflect changes in the overall value of your estate. You may wish to link the sum to the Retail Price Index or set aside a percentage of your estate, rather than a fixed sum.

Specific - Legacies can also take the form of non-cash gifts, such as stocks and shares, property, works of art and other possessions. Sometimes the items may be kept by the College; in other cases the College may wish to realise the monetary value.

Reversionary - This type of legacy means you can provide for your loved ones during their lifetime, giving them the use of a home or other assets, which would pass, on their death, to the College.

 

Can my legacy be directed to a specific purpose?

If you would like your gift to be used for a specific purpose, it would be better to express your wish without stipulating it as a binding obligation. This means the College will have the flexibility to use its discretion in making the best possible use of your gift, while still carrying out your wishes as closely as possible, in line with the needs of the College.

 

Does leaving a legacy affect my tax position?

Murray Edwards College is a registered charity (1137530), which means that all legacy gifts to the College are exempt from Inheritance Tax. By remembering the College in your Will, you can reduce the taxable value of your assets, and thereby the amount of inheritance tax (IHT) payable on your estate. If you leave at least 10% of your estate to charity in the UK, your estate can take advantage of a reduced rate in IHT, from its current level of 40% to 36%.

For further information on Inheritance Tax please visit https://www.gov.uk/inheritance-tax

Everyone's tax situation is different and we always recommend you seek individual advice from your financial or legal advisor.

 

Should I inform the College about my legacy?

The College recognises that giving through a Will is a very personal matter and it may be that you do not wish to inform the College in your lifetime. However, it is useful for us to have an indication of future legacies to the College, so that we can plan for the future - but also so that we can express our gratitude during your lifetime. If you would like to let us know about a legacy gift, you can do so by contacting the Development Office.

 

How can I find out more?

For further information or an initial discussion about leaving a legacy to the College, please contact the Development Office.

Email: Development@murrayedwards.cam.ac.uk

Tel: 01223 762288

Thank you for your support.

Murray Edwards College is a Registered Charity (No. 1137530)