Thank you for considering leaving a Gift in your Will in support of Bath Spa University.
Leaving a Gift in a Will is often one of the most significant ways a person can support Bath Spa University. Whatever you want to achieve – supporting higher education or research, developing Bath Spa University’s campuses, helping your department or our students directly – your gift will be a way to continue your positive influence on our progress.
We have prepared some guidelines for you to consider in the form of questions and answers, which we hope you will find useful. If you feel, after reading them, that you would like to talk to someone at the University, we would of course be delighted to take your call. We promise that your conversation will be treated in the strictest confidence and with the utmost sensitivity. Please contact Naomi Box on 01225 875808.
I would like Bath Spa University to be a beneﬁciary in my Will. What do I do?
First of all, you may like to talk to us about your options. Then we would recommend that you contact a solicitor to help you write your Will. This is a very easy and relatively inexpensive procedure, and by involving a solicitor you ensure that the ﬁnal document is correctly drafted and will accord with your wishes.
If you already have a Will then you can ask your solicitor about adding a ‘codicil’ to the will (we have provided a Codicil Form on the wording tab). This means you don’t have to re-write your whole Will. It is very important to include the full name and address of Bath Spa University and our exempt charity reference number is XN82395.
Do I need to consider Inheritance Tax?
All assets and investments which make up an estate are subject to inheritance tax, but the University's charitable status makes it exempt from this – and therefore an attractive option to keep in mind. Any sum you leave to the University will not only be free of tax, it may also reduce the overall tax liability due on your estate. In addition, from April 2012 anyone leaving 10% of their taxable estate to charity will qualify for a reduced rate of inheritance tax. Although, again we recommend you seek professional advice.
Can I choose how my gift will be spent?
Yes you can, although we prefer that gifts are not restricted to any one purpose since our priorities can change over time, or a project which badly needed funding when you wrote your Will could be up and running and no longer in need of support.
If you have a preference that your gift should be restricted to a certain purpose, we will of course be most happy to accommodate this, but please discuss it with us ﬁrst because it would be tragic if we were unable to make eﬀective use of a gift left to us. We would be happy to work under themes, for example, education, collection, exhibitions, the building.
Will my gift be acknowledged in any way?
Unless you request anonymity, gifts to Bath Spa University are acknowledged in the most appropriate manner. If you wish to be remembered in a speciﬁc way, and this is attached to your gift, then it would be helpful to tell us about it ﬁrst so that we can advise you.
My main concern is for my family. Is it worth leaving the University a gift if it can only be a small amount?
All gifts, large or small, will help secure the University’s future.
I have already left a gift in my Will for the Bath Spa University. Should I tell you?
Yes, please do let us know. The ability to predict future income is very important to us. It gives us the conﬁdence to plan for the future. Any pledge you make is not binding and you are of course free to change the conditions or withdraw it at any time, but please do let us know if you decide to do so.
We will also be able to thank you for your pledged support in your lifetime by involving you in the current work and activities of our staff and students.
What are the options for me to consider?
There are many types of gifts you might like to consider.
- Residuary gift
This gives you the chance to give the remainder (the residue) of your estate, or a percentage, after any taxes and liabilities have been paid. This type of gift can be particularly useful to you because it avoids you having to decide on a speciﬁc sum or to make adjustments at a later date if your circumstances change.
- Pecuniary gift
This is a speciﬁc amount of money.
- Speciﬁc gift
You could leave a speciﬁc or non-monetary gift. Examples of this could be shares or stocks, a work of art, a collection of papers or books, or even property to be retained permanently or as an asset to be sold, when advantageous, to provide funds for Bath Spa University.
- Reversionary gift
This is usually where assets are left to a loved one to enjoy the beneﬁt from for their lifetime (known as a ‘life interest trust’) and after their death those assets would be passed on to Bath Spa University.
- Conditional gift
This type of gift is so called as it only takes eﬀect if certain events have happened, for example, if all or some of your beneﬁciaries have died before you.
What is the appropriate wording to use?
The wording you use depends on the type of gift you wish to make. We recommend that you take advice from a solicitor to ensure that your gift is correctly worded and meets your wishes. However, as some assistance we have set out some suggested wording:
If you wish to leave a specific sum the wording we suggest is:
I leave £XX to Bath Spa University (Exempt Charity Number: XN82395) to be used by the University at its discretion. I further direct that the receipt of the of the treasurer or other authorised officer of Bath Spa University shall be a full and sufficient discharge to my executors, who shall not be required to enquire as to the application of the said sum.
If you wish this Gift may be index-linked to prevent its value being eroded by inflation.
Alternatively for gifts of the Residue of your estate the suggested wording is:
I leave the residue of my estate/ X% of the residue of my estate to Bath Spa University (Exempt Charity Number: XN82395) to be used by the University at its discretion. I further direct that the receipt of the treasurer or other authorised officer of Bath Spa University shall be a full and sufficient discharge to my executors, who shall not be required to enquire as to the application of the said sum.