Leave a legacy
Frequently asked questions
Why make a will?
Making a will ensures that your loved ones and the causes that matter to you are taken care of after your death.
Am I too young to make a will?
You are never too old or too young to make a will - but the sooner you can get around to it the better to ensure everything is on order.
Is making a will expensive?
Setting up a simple will can cost as little as £40.
I don’t have many possessions to leave.
When the value of your home and contents, bank and building society accounts and pension benefits are added up, you may be surprised by how much you do have!
Will tax be taken from my legacy to charity?
No. All legacies to charities are free of Inheritance Tax and Capital Gains Tax.
Can I change my will?
You can change your will as often as you like. It’s important to update and review your will regularly to ensure that it reflects your current wishes and circumstances. A simple change, such as adding Portland College to the beneficiaries of your will, can be made using a codicil. This is a legal amendment to your will, which needs to be signed and witnessed in the same way as your will. Your solicitor can give you advice about how to do this.
What you need to do
There are two main legacies that you can leave:
- Residuary legacy which is a share of the remainder of your estate after all other payments have been met
- Pecuniary legacy a fixed amount of money that has been specified in your will
- Specific gift legacy - If you choose, you can leave a specific gift legacy which allows you to leave anything in your possession from jewellery to property
- Reversionary legacy - A reversionary legacy allows you to leave a gift to a loved one for use during his or her lifetime, and then it will pass on to a specified person or charity after this time
- Donation in loving memory - You may want to request that well-wishers make a donation to Portland College in your memory, perhaps instead of buying flowers
Informing your solicitor
Your solicitor needs the following details in order to set up any legacy from your will.
Registered charity no. 214339
Suggested words for your will
The following words are considered quite normal for this type of gift: I bequeath to Portland College, Nottingham Road, Mansfield, Nottinghamshire, NG18 4TJ, registered charity number 214339, the sum of £_________ (for a pecuniary bequest), or the residue of my estate (for a residuary bequest) to be used by Portland College at its discretion.