Leaving a legacy to the School in your Will is possibly the greatest gift you can offer during your lifetime, and one that will have long-term benefit for the lives of our students. Bequest income is directed towards the 1675 Bursary Fund.
We would like to honour and thank, during their lifetimes, those who have chosen to make a bequest to the school, so we have established The 1675 Society, named in recognition of the year in which the school was founded. All those who make a bequest to the school will be invited to become members of The 1675 Society. The decision to make a bequest is often private and personal, so no member’s name will be published without their permission. The Headmaster will host an annual lunch for members of the society.
If you have already drawn up your Will, you may add a bequest by way of a Codicil. The Codicil form and Codicil Guidelines are available to download on this page.
There are several types of legacies:
A pecuniary bequest is a gift of a specific sum of money to a named beneficiary. As the value of a specific sum would decrease over time owing to inflation, it is possible to index-link the sum so that it maintains its current-day value.
This involves leaving all or part of the net residue of your estate to Reigate Grammar School once other bequests have been made. It has more flexibility than a pecuniary bequest because you do not have to quantify the sum or take inflation into account when you draw up your Will.
This is a way of providing for your family first and then benefitting Reigate Grammar School. It involves leaving the assets to trustees so that the named beneficiaries can enjoy the income during their lifetime, with the whole or a portion reverting to Reigate Grammar School on their death.
This provides for the eventuality that if none of your named dependants survive you, your estate will be left to other named beneficiaries and charities including Reigate Grammar School.
Specific Bequest/Gifts in Kind
This involves leaving a specific personal possession to Reigate Grammar School: examples include property, jewellery, antiques, works of art, stocks and shares.
Inheritance Tax is payable following your death if your estate is worth more than a certain amount after your liabilities have been deducted.The Inheritance Tax threshold is usually reviewed annually in the Budget. Information on current tax levels is available from The Foundation Office at Reigate Grammar School or the Inland Revenue website at hmrc.gov.uk for the latest information on tax-efficient giving.
The school is a Registered Charity and any bequests that you make in your Will are exempt from Inheritance Tax. Bequests made to Reigate Grammar School would normally be deducted from the net balance of your estate and reduce the amount which is liable for Inheritance Tax. In this way you can ensure less of your money is lost to the State on your death.
The guidance given here is not intended to be legal or tax planning advice and we recommend that specialist advice should be taken in each individual case. Please contact the Foundation Office for any information regarding legacies and The 1675 Society: firstname.lastname@example.org
If you decide to leave a legacy to Reigate Grammar School, we would be grateful if you could notify us by completing the Pledge Form which is available to download on this page.
If you do not require anonymity, we would be delighted to welcome you as a member of The 1675 Society. This will enable us to thank you during your life-time for the legacy you are planning to make. The Pledge Form is not legally binding.