Legacies
The establishment of the Perse School in 1615 was the main provision of the Will of Dr Stephen Perse. Since that time the School has benefited from the generosity of many Old Perseans and other friends who have helped make the Perse one of the leading schools in the UK today.
Leaving a bequest in your Will is one of the most special ways of supporting the Perse. We understand that decisions such as this are very personal and that when making your Will, first and foremost, the interests of your dependants must be considered. However, we hope it is still possible for you to consider including the Perse in your Will in some form. All bequests to the School are exempt from the Inheritance Tax (currently 40% on estates valued in excess of £300,000) and will be treated in the strictest confidence.
What to do now
Answers to the most frequently asked questions are listed below. However please contact the Development Office 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, HILLS ROAD, CAMBRIDGE, CB2 8QF (Registered Charity Number 1120654) the sum of £(amount) free of tax / the residue / a proportion of the residue of my estate for the Governors to apply in such a manner as they in their absolute discretion think fit for the benefit of the School and I declare that the receipt of the Bursar or other authorised officer for the time being of the School shall be a full and sufficient discharge of my Executors".
We recommend that you 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 establishing an expendable endowment fund for the funding of 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. The Pecuniary Legacy
This simple form of legacy involves you leaving a named amount of money to the Perse. Please be aware that unless you update your Will inflation will erode the value of your gift over the years.
2. The Residuary Legacy
This method allows you to protect the real value of your gift. It involves a percentage or fraction of your Estate being left to the Perse, once all your specific bequests had been made.
3. The 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.
Please direct any other questions to a member of the Development Team at The Perse on 01223 403808.