Legacies & Planned Giving
Legacies and planned gifts are a unique and special way to support the College and have been transformative for Somerville since its founding.
Somerville Will Power, our legacy society has been founded to honour and celebrate those extraordinary people who have decided to support the College in this way.
Inheritance Tax and will help to reduce the inheritance tax payable by your estate (in 2013 this threshold is £325,000 and tax is payable at 40% once the net value of your estate exceeds this sum). However, the Government provides a further incentive when you leave 10 per cent or more of your chargeable net estate to charity; in that case, the inheritance tax rate on the whole of your estate will be reduced from 40 per cent to 36 per cent. The saving, after your gift is made, is passed on to your remaining beneficiaries.
In supporting Somerville through your will, you have the opportunity to leave your footprint on the College by establishing scholarships, student bursaries, research funds or you can give valuable support to the general endowment, the library or other areas of interest.
Many legators are currently considering percentage wills to protect the interests of family and friends as well as ensuring that they can still make a gift to Somerville.
If you are contemplating a major change in your current will, or if you are about to have a will drafted, a gift to Somerville College can be easily included. We have prepared suggested wording, which will assist you in discussions with your lawyer. Please contact the Development Office if you would like to receive this. If you already have a will, but are contemplating a bequest to Somerville College, the addition of a codicil should be discussed with your lawyer.
If you have decided to leave a bequest to Somerville, it would be helpful to know that you have done so by writing to the Principal, Dr Alice Prochaska, or by returning a legacy pledge form. We would very much value the opportunity to thank you and discuss how you gift can be best used. Any pledge you make is not legally binding but it will help us plan for the future. Please be assured that the information you supply will be treated with the strictest confidence.
For a confidential conversation about legacies or planned gifts please contact Brett de Gaynesford