If you are making, or amending, your Will in favour of the University of Southampton we hope the following information will be able to assist you. We recommend that you consult a legal adviser when drafting or amending your Will.
Your Legacy to the University of Southampton may take one of the following forms:
1. Residuary Bequest
A residuary bequest is a gift of all, a percentage or share of your estate after allowing for expenses, pecuniary and specific bequests.
‘I give to the University of Southampton all (or a percentage or share) of my residuary estate to be applied to general purposes (or your preferred area) of the said University and I declare that the receipt of Registrar and Chief Operating Officer or other authorised officer for the time being of the University shall be good and sufficient discharge of my Executors.’
2. Pecuniary Bequest
A pecuniary bequest is a gift of a fixed sum of money. If you wish, you may index link the sum so that the value does not reduce due to of inflation.
‘I give to the University of Southampton the sum of (in figures and words) £/free from all taxes and duties, to be applied to the general purposes (or your preferred area) of the said University and I declare that the receipt of the Registrar and Chief Operating Officer or other authorised officer for the time being of the University shall be good and sufficient discharge to my Executors.’
3. Reversionary Bequest
A reversionary bequest is a gift of assets to a chosen beneficiary which takes account of the rights of the named person or persons to receive the benefit of those assets during his or her lifetime.
For example, this could enable you to leave your residuary estate to an organisation such as the University, but on condition that a spouse or friend could continue to receive the income of that estate (or continue to live in your house) until he or she died. The capital would then pass to the University on the death of that person.
The suggested wordings above may be adapted to suit your particular needs and wishes.
For further guidance on leaving a legacy gift to a charity, the Remember a Charity Organisation has a number of publications available.