Gifts by Bequest to the HABS Foundation
Making a Will is an important responsibility, especially if you have a family or dependents who rely on you. When you have ensured their future, however, we would be delighted if you wanted to show your support and affection for Haberdashers’ by making a codicil in your Will benefiting the Foundation (Charity Number 1107027).
Tax Efficient Giving and your Estate in the UK
By making a gift to the Haberdashers’ Aske’s Boys School Foundation, you may find that you significantly reduce the Inheritance Tax liability imposed on all estates valued above £312,000 (2008-2009) of up to 40%. Please consult legal advice for more precise information about how your legacy to the H.A.B.S. Foundation would ease the impact of taxation on your estate.
The Wording and Beneficiaries of your Gift
Individuals often wish to leave a bequest in support of a particular activity or function at the school. We realise that often it was a fond memory of a particular teacher or subject area that led to the making of the codicil, and we would not wish to advise against such a benefaction. However, please bear in mind that subject areas, teachers and activities change over time, and the more specific your codicil, the more difficult it may be to apply it according to your wishes. Please consider giving to more general areas of support (ie to ‘Sports’ rather than to ‘Rugby’, to ‘Languages’ rather than to ‘Greek’). Alternatively, you might provide a secondary option should the trustees be unable appropriately to allocate your gift to your first option. We would prefer if the secondary option left the allocation of your gift to the discretion of the HABS Foundation Trustees.
Informing Haberdashers’ Aske’s Boys’ School
In due course, the HABS Foundation will be notified by the executors of a Will if we have been named as beneficiaries. However, it helps us to plan for the future more effectively if we are informed in advance that we have been nominated in this way. Please consider advising us of your generosity if you decide to make us the beneficiaries of part or all of your estate.
The advice herein is only a general introduction. Please do ensure that you receive legal advice to ensure that your wishes are stated clearly in the terms of your Will.
Wills and Bequests - Types of Legacies
There are various types of legacies. The examples below are suggestive of ways in which you might wish to give.
Pecuniary Legacy. This is the simplest form of legacy, though the value of such a bequest remains static and therefore erodes with inflation. If you were to write a codicil for a pecuniary legacy which named the HABS Foundation as a beneficiary, you might therefore want to consider leaving a percentage of your estate rather than a fixed sum.
Residuary Legacy. The residue of your estate is the amount remaining once all the pecuniary legacies, debts and other charges have been paid. You might, for instance, decide to leave the whole or part of the residue to the HABS Foundation. The advantage of this form of legacy is that its value is not eroded by inflation.
Reversionary Legacy. A reversionary legacy can benefit both your family and friends, and the school at a later date. Under this arrangement, certain assets can be left to a chosen beneficiary for their lifetime, after which a part or all of them revert to the HABS Foundation.
Specific Legacy. Legacies need not simply involve money. Gifts such as works of art, property, or stocks and shares may also be left to the HABS Foundation.
Conditional Legacy. A conditional legacy allows for circumstances in which named dependents die before you. Your estate would then be left to the HABS Foundation and to any other named beneficiaries.
The Dr TW Taylor Society
Those who have pledged to leave a gift by bequest to the HABS Foundation become members of the Dr TW Taylor Society. It was Dr Taylor’s vision and imagination that led to the school to relocate to its current location in 1962 and which laid the substantial groundwork which enabled us to become one of the leading independent schools in the United Kingdom. Not only did he devote a lifetime to making Habs the school it is today, but in his legacy he also provided a school with a gift to help it into the future.
Please pledge your support today to the HABS Foundation in your Will, and share in Dr Taylor’s vision of the future.
“My husband loved Habs, and even in death made sure that the school would continue to flourish. I too have left a gift to the school in my Will, and I would be delighted if you will join with me to celebrate Tom’s vision by supporting the HABS Foundation in this way. Together, we can make Habs the best it can be.’ Mrs Margaret Taylor, Widow of Dr TW Taylor.