A gift in your Will may provide you with the most effective way to make a more substantial donation to GTC than your current circumstances might otherwise allow. Legacies made to GTC are also exempt from UK inheritance tax. You can make a bequest by creating a new Will or by adding a codicil to your current Will.
There are several ways in which you can make a gift to GTC in your Will:
This provides all or part of the net residue of your estate to GTC after other responsibilities have been honoured and any debts, fees and other liabilities have been met. It is usually expressed as a percentage of estate and is unaffected by inflation.
Deed of Variation (UK only)
If you wish to consider transferring the whole, or part, of your inheritance to GTC, this can be done using a Deed of Variation. This will enable you to support the College in your own lifetime and the amounts thus transferred are free of Inheritance Tax.
This sets aside a specific proportion of your estate for GTC.
You can leave gifts in the form of shares or items of property (land, works of art, antiques, jewellery etc.) This type of gift is exempt from Capital Gains tax as well as from estate taxes.
You should make a Pecuniary Legacy if you wish to give a set amount to GTC. A simple method of making your gift, the disadvantage is that its value will, over time, decrease owing to inflation.
This involves leaving your assets on Trust to beneficiaries during their life, with the whole or a portion reverting to GTC on their death.
Planned Giving (US only)
The University of Oxford and many of the Colleges have formed a Consortium, Oxford Planned Giving, to provide our US donors with a variety of gifting options which allow you to make a lasting contribution while taking advantage of favorable US Federal and State tax laws.
There are a variety of ways to make gifts to GTC and we would welcome the opportunity to discuss how your gift can provide you or someone of your choosing with income, earn an income tax deduction, and bypass capital gains. Oxford Planned Giving and US Bank Charitable Services Group will work closely and confidentially with you and your attorney to create a distinctive gift that blends your vision with GTC's objectives.
For all types of legacy you should take professional legal advice. A solicitor (attorney) will ensure that you receive the help you need to maximise the amount your beneficiaries will receive. You will also be asked for the correct wording for any bequest to GTC. Our preferred wording is as follows:
Registered Charity No. 1142297: The Principal, Fellows and Students of Green Templeton College in the University of Oxford
GTC aims to strengthen its endowment in order to build long-term financial security. Therefore gifts made for general purposes are especially appreciated, as they will allow the College to respond more flexibly to changing educational needs in the future.
If you are considering including a gift to GTC in your Will, especially a specific bequest, the Development Director would very much welcome the opportunity to discuss the details with you. This will ensure that:
- the College fully understands your wishes
- any specific bequest you propose is feasible
- you are able to gain a clear picture of the College's needs and future plans
- plans can be made about how your gift can be honoured.