A Lasting Legacy
Many Members who wish to give a donation to Magdalene during their lifetime are unable to do so because of their financial commitments, remembering the College in your will offers the opportunity to make a gift.
It is tremendously important that you make a will to ensure that your loved ones’ inheritance is secure once you have gone. Should you die without a will, the state will decide how to split up and distribute your entire estate which may not be in line with your wishes. Did you know that one third of the population in the UK die intestate and half of those aged 45 or older have not made a will?
Estate planning, that is, drawing up a list of your property and thinking about ensuring the financial security of your family and friends as well as leaving gifts to charitable causes close to your heart will ensure that your wishes will be followed. You may know that current UK legislation in relation to making a will favours charitable giving by reducing taxation due on the remainder of an estate if a small proportion of the entire estate is given to charity.
Inheritance Tax Planning
Magdalene is recognised as a charity for tax purposes in the United Kingdom. Gifts to charities in legacies are exempt from inheritance tax, which is levied at 40% on assets exceeding £325,000.
Did you know that anyone who leaves 10% or more of the net value of their estate to charity will benefit from a reduction in the rate of inheritance tax from 40% to 36%? For more information please click here.
It is important to seek independent legal and financial advice when drawing up your will, though a legally-recognised codicil can be downloaded here and added to the current version of your will. Members are always welcome to email the Development Director or call +44(0)1223 332160 to discuss leaving a legacy to the College.
Form of Words
If you would like to include a clause in your will to benefit the College, please do use the following wording:
"I give to the Master and Fellows of THE COLLEGE OF ST MARY MAGDALENE in the University of Cambridge (Registered Charity Number 1137542) the residue / a portion of my estate / the sum of £ (amount) free of tax for the Master and Fellows to apply in such a manner as they in their absolute discretion think fit for the benefit of the College and I declare that the receipt of the Director of Development or of the authorised officer for the time being of the College shall be a good and sufficient discharge to my Executors."
Types of Legacy
There are several ways of leaving a gift to Magdalene in your will. For more details, please click here.
The Buckingham Society
We invite those Members who choose to leave a legacy to join the Buckingham Society, named in honour of the patronage by the family of Henry Stafford, the 2nd Duke of Buckingham in the fifteenth century. Members are invited to an annual luncheon hosted by the Master in early June and are listed in the Annual Donors’ Report published in autumn every year.
Contact us to request a copy of our legacy brochure.
Click here to download a legacy pledge form.
Click here for US estate planning details.
Click here for Inland Revenue guidelines on inheritance tax.