Frequently Asked Questions
Why a legacy?
Almost two-thirds of UK citizens have made no will to indicate who they wish to benefit from their estate – their estate will therefore be allocated according to rules set by the state. This is an unnecessary waste of hard-earned capital, because the majority of your estate can be lost to estate taxes. By completing a will and including a charity such as the BSR, you can ensure that most if not all of your estate will be used to build the future and not get lost in the tax system.
Do I need to inform the BSR that it is included in my will?
Your financial planning is a personal matter; however, if you wish to inform us, we are then able to respond appropriately and recognize your intentions if you desire. This places you under no legal obligation, but it does indeed help the BSR plan its future with more accuracy.
I haven’t made a will yet. Where can I get help?
You can contact the Society of Trust and Estate Practitioners, whose members are experts who can help you with any aspect of estate planning. If you live outside of the UK, it is helpful if you select a STEP member who is familiar with the laws of the country in which you reside.
I am an executor. Where can I get help?
The Institute of Legacy Management supplies fact sheets for lay executors, and can help inform you regarding inclusion of a registered charity in your will.
I am not wealthy. Is it still worth leaving something to the BSR in my will?
Gifts of all sizes are very beneficial to the BSR. Smaller legacies can assist in providing scholarship support, academic programmes, and can also be directed to build the general endowment fund.
Can I specify a particular area to support with my legacy?
You can designate your gift to the area of your choosing, whether a particular academic area or scholarship. For instance, you may wish to establish a lecture series or scholarship in memory of a loved one or close friend. Caution is recommended in the establishment of a very narrowly-defined gift, however, because the needs and/or priorities of the BSR vary with the decades, and the area you wish to support may no longer be relevant by the time your gift is realised. If you feel strongly about supporting a particular area of the BSR, feel free to contact the Development Office, who can assist you with appropriate wording to make sure your wishes are followed.
Can the BSR benefit from my pension or life insurance?
Yes. You can nominate the BSR as beneficiary of your pension fund or life insurance. This can be a very tax-effective way to maximize the value of these savings, and you should always speak to your accountant or legal advisor about specifics.
Can I make a legacy gift of stocks or shares?
Yes. Because we are a registered charity, any gift of stocks or shares bears no liability for capital gains tax in the UK. Again, you should always consult your legal advisor and/or broker to discuss details. The Development Office will be happy to help expedite this process, but we cannot offer legal or financial advice.
Can I leave my house to the BSR?
You may certainly make provision for any property that you own to be given to the BSR, but again, it is very important that you consult with your legal advisor regarding details.
My family and friends are my first priority. Can I make a legacy to the BSR which comes after these people?
Yes. There are two main ways to ensure that your family takes priority whilst supporting the BSR as well. The first is by making a Residual Gift, which simply means that after all family obligations are met, the remainder of the estate is directed to the BSR. The other is called a Reversionary Legacy, which allows your designated family member to be provided for first. When this original beneficiary dies, the gift in your will reverts to the BSR.