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Leave a legacy

A legacy is one of the most simple and flexible ways of giving and your gift will help to enable future generations of Cumbria students to enjoy the rich benefits of an excellent education. It will mean that students who might not otherwise be able to come to university can do so with confidence, backed by the resources and support they need.

Whether these funds enable new projects or help us to maintain existing activities into the future, they will make a significant impact. Your gift will remain recorded for generations of students, staff and others to appreciate and in this way your support will be acknowledged forever.

The university’s charitable status ensures that gifts are exempt from inheritance tax and so legacies made may help to reduce overall the tax liability due on your estate.

A legacy gift could be the most significant gift that you ever make.

Is there a place for the University of Cumbria in your will?

Making a will is one of the most important things that you can do. It ensures that, after you are gone, your assets are distributed according to your wishes amongst the family, friends or organisations that have been important to you during your life. It is advisable to consult a solicitor to make sure that your wishes are legally valid.

When considering a legacy, there are not only different types but also different purposes. ‘Unrestricted’ or ‘general purpose’ legacies allow the university to support its areas of greatest need, now or in the future. We do appreciate that you might wish to stipulate particular areas for support, in which case we invite you to discuss this with us to ensure your wishes can be met.

You can help to shape the future and we will provide assistance in guiding your decision, for example:

For some, especially for university staff, an endowment offers a means of carrying on the work they have been committed to in their lifetime. For some an endowment is a means of funding new work in the future. If this is the case, you might also wish to consider how that work might be started during your lifetime, so enabling you to enjoy as fully as possible the benefits your gift brings to others.

Types of Legacy Gift

Gifts can be made in several ways; in the form of money, property or other valuables, such as stocks and shares or works of art.

Residuary Gift

A residuary gift is stated as all or as a percentage of your remaining estate, after all fees, outstanding costs and other gifts have been deducted. The advantage of a residuary gift is that it keeps track with inflation as it is not a fixed sum.

Pecuniary gift

A pecuniary gift is a fixed sum of money. As gifts of money can lose value from the day the will is made, unless they are index-linked, it is preferable to allocate a percentage of your residuary estate to the university.

Reversionary gift

A reversionary gift is an excellent way of both providing for family or friends and benefiting the university. It involves leaving assets to a chosen beneficiary to use during their lifetime, with the whole or a portion reverting to the university if none of your named dependants survives you.

Non-Money gifts

A legacy need not be in the form of money. Specific gifts in the form of stocks and shares, land and property, works of art or other valuables can also be bequeathed.

How to update your will

Simple alterations can be made to your will by means of a supplementary document known as a codicil. A codicil confirms your original will but also adds to it. A solicitor can advise you whether a Codicil will be appropriate or if your will needs to be re-drafted in full.

If you decide to support us with a gift in your will, please let us know. It is really helpful to the university to know how our supporters are planning to help, and it a real pleasure to be able to thank you now for the gift you have planned and to provide you with the opportunity to participate in the activities of the university as publicly or privately as you wish.

Making the most of your donation

Making a gift in your will may allow you considerable tax advantages. The University of Cumbria is a company limited by guarantee (registered company number 06033238) and is also an exempt charity under the terms of the Charities Act 2006 and is exempt from Income Tax and Inheritance Tax under present legislation. The university also welcomed the Chancellor’s announcement in the March 2011 budget that from April 2012 the Inheritance Tax rate will be reduced from 40 per cent to 36 per cent for those who donate at least 10 per cent of their estate in their wills.

Further information is available from HM Revenue & Customs.

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