Making a bequest to Lincoln in your will can be an important way of supporting our future. Virtually every major building, scholarship and facility in the College owes something to a legacy benefaction. Bequest commitments entitle the donor to membership of the Murray Society.
It is simple to include a legacy to the College in your Will. It can be done at the time you make your Will, or, if you have already drawn up a Will, you can revise it when you next update it.
What are the tax implications?
Inheritance tax is payable following your death if your estate is worth more than a certain net amount after the deduction of any liabilities. At present, the threshold is £325,000 (or up to £650,000 for married couples or registered civil partners), and anything above that may be taxed at 40%. You should discuss the full tax implications of making a Will with your solicitor or other legal adviser.
Remember, if you leave 10% of your estate to a charity in the UK, your estate will qualify for the reduced inheritance tax rate of 36%.
Lincoln is recognised by the Inland Revenue as a charity and pays no tax on gifts of money or property received either during your lifetime or on your death. Bequests made to tax-exempt beneficiaries, such as the College or other recognised charities, can be deducted from the net value of your estate, thus reducing the amount on which your estate is liable to pay inheritance tax.
Alternatively, if you become the recipient of an inheritance that may be liable to capital gains tax, you may also wish to consider transferring the whole or part of it directly to Lincoln College. This affords an effective opportunity to support the College in your own lifetime, and may reduce the tax burden on the assets that you receive.
Equally, you may choose to bring forward your legacy so that you can see the benefits during your lifetime.
Making a Will
We strongly recommend that when making your Will, you seek professional legal advice from a qualified solicitor.
If you are interested in making a specific gift or legacy to the College, for example to establish a scholarship, Lincoln’s solicitor is available to offer advice to your own legal representative. Please contact the Development Office for information and contact details.
Once you have made your Will, it is vital that you review it regularly, ensuring that it reflects any changes in your circumstances. While minor changes to your Will can be made easily with the assistance of a solicitor, a major change in circumstances (such as marriage, separation or divorce) may require you to make a new Will.
Alumni based in North America may wish to consider planned giving with appreciated assets. Further information about this is available on the University of Oxford North American Office website.
For more details and information about legacies or planned giving, please contact the Development Office.