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Types of will

Making a will ensures that you control what happens to all your possessions after death, rather than this being determined by the law, or expensive claims by the taxman. Furthermore, all bequests made to charity are free from tax, so this can lessen your liability to Inheritance Tax.

Bequests can be made when first drawing up a will, or added later by means of a codicil. It is always advisable to consult a solicitor when drawing up your will and it is worthwhile to review your will from time to time as your wishes or circumstances change.

We also recommend that you leave a letter of instruction outlining your wishes with your will, so that your executors fully understand your intentions.

There are several types of legacy:

A residuary legacy: after providing for your loved ones, the remainder of, or a specific percentage of the value of your estate is left to charity.

A pecuniary legacy: a specific amount of money to a charity and you can index link the amount in order to protect it from the effects of inflation.

A reversionary bequest: this bequest provides for your family first, then benefits your charity at a later date.

A conditional legacy: your estate would pass to your nominated charity in the eventuality that no named beneficiary survives you.

A specific bequest: leaves items of value other than sums of money, such as stocks and shares, property or jewellery to charity.

For further information on remembering Norwich School in your will, contact Rachel Lightfoot, Development Manager, by telephone 01603 728 431 or email rlightfoot@norwich-school.org.uk


 

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