Legacies
The establishment of The Perse School in 1615 as a “Grammar Free School” was the main provision of the Will of Dr Stephen Perse.
Ever since this original bequest, we have relied upon the generosity of Old Perseans and other friends to help the school flourish. This support has helped The Perse become one of the leading independent day schools in the UK today.
With the school’s founding principles in mind, The Perse now seeks your support in securing its future success.
What to do now
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Answers to the most frequently asked questions are listed below. However please contact the Development Office on 01223 403 835 / development@perse.co.uk if you would like to discuss leaving The Perse a bequest in your Will.
How to leave a legacy to The Perse?
You can either include a legacy at the time you make your Will (or when you update it) or you can add a 'codicil' to an existing Will.
A suggested form of wording for a Will or Codicil is:
I GIVE to THE PERSE SCHOOL (the "School") of Hills Road Cambridge CB2 8QF (Registered Charity Number 1120654) [the sum of Ł(amount in numbers and words) free of tax] (or) [all my shares in [NAME OF COMPANY free of tax] (or) [all my right and interest in the property [DESCRIPTION/ADDRESS OF PROPERTY] free of tax] (or) [description of asset free of tax] (or) [percentage/share or all of my Estate] for the Governors to apply for the general purposes of the School in such a manner as they in their absolute discretion think fit and I declare that the written receipt of the Bursar or other competent officer for the time being of the School shall be a sufficient discharge to my [Executors or Trustees].
Please consult your solicitor for advice when making or amending your Will.
Is it possible to leave a legacy for a specific purpose?
The Perse is looking to direct bequest income primarily towards the provision of Entrance and Hardship bursaries. However you can of course focus your support on a specific purpose. If you would like to do this please contact the Development Office to discuss your wishes and the wording that should be included in your Will.
What different types of legacy are there?
There are four common forms of legacy. We strongly recommend that you seek professional legal advice to ascertain the most appropriate decision for you.
1. Pecuniary Legacy
This simple form of legacy involves you leaving a named amount of money to The Perse. You may wish to review your Will regularly as inflation can erode the value of your gift.
2. Residuary Legacy
This method allows you to protect the real value of your gift. You can gift all or a share/percentage of your Estate to The Perse, which will take effect once all your cash and specific gifts have been made.
3. Reversionary Legacy
This is an attractive way of providing for your family first. It involves your Estate (or a percentage thereof) being held in trust, with the trustees being directed to pay its income to your spouse or relative during their lifetime. Only upon their death would The Perse benefit from your legacy.
4. Specific Legacy
This type of gift can take any form. You can leave a specific asset or personal possession to The Perse, including shares, land, property, antiques, jewellery, works of art or other valuables.
Can you recommend a solicitor?
Ashton KCJ is a firm of solicitors with branches in Bury St Edmunds, Cambridge, Felixstowe, Ipswich, Norwich and Thetford.
Online Service
Ashton KCJ’S solicitors are happy to offer OPs a 30% discount on their normal headline rates for making an Online Will at http://www.ashtonkcjonline.co.uk/online-wills.php.
You can draft your Will using their interactive software, claim your discount using the code ThePerse in the voucher code section of the payment screen, and then submit your Will for checking by one of their team of lawyers. With the codes the cost will, for an introductory period, be Ł69.30 for an individual or Ł104.30 for a couple.
In Person
OPs can arrange a meeting to draft their Will with an Ashton KCJ solicitor at any of their branches, or at The Perse School, and receive a Ł50 discount on their normal rate. Please contact Amanda Smitherman on amanda.smitherman@ashtonkcj.co.uk or 01223 363111 to arrange a meeting.
Bequest Giving from the USA
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Old Perseans living in the United States of America can make a bequest in favour of The Perse School via the British Schools and Universities Foundation (BSUF). In doing so, they will benefit from the same tax advantages they would receive in leaving a bequest to a US charity.
A provision may be made in your Will or Trust bequeathing money to BSUF. The Suggested Bequest Form is intended only as a provision in a full Will or Trust containing all appropriate articles.
Simply download a BSUF Bequest Form and send to:
British Schools and Universities Foundation, 575 Madison Avenue, Suite 1006, New York, NY 10022-2511, USA
To contact BSUF regarding a bequest, please email: treasurer@BSUF.org
Charitable Remainder Trusts from the USA
OPs living in the USA can also leave a legacy to The Perse by setting up a Charitable Remainder Trust (CRT). These trusts are designed to convert an investor's highly appreciated assets into a lifetime income stream without generating estate and capital gains taxes.
When you establish a CRT, you or another beneficiary, such as your spouse or another family member, receive income from the trust for life or for a specified amount of time.
By designating the British Schools and Universities Foundation (BSUF) as a remainder beneficiary and naming The Perse School as a preferred ‘Approved Institution’, when the trust ends, the remaining assets would then be passed onto the school.
The BSUF is not permitted to offer tax or legal advice. Donors who are contemplating creating a Charitable Remainder Trust must consult with a professional advisor for guidance (usually their lawyer or banker) prior to making decisions.
To contact BSUF regarding a Charitable Remainder Trust, please email: treasurer@BSUF.org