How to remember Swansea University in your Will
A legacy gift costs nothing in your lifetime, but from the moment you pledge, you know you are making a difference to the future of the University.
Forms of Legacy Bequests can take several different forms. The four main forms of legacy are:
o A Pecuniary Gift
o A Residuary Gift
o A Non-Monetary Gift
o A Reversionary Gift
A Pecuniary Gift
A pecuniary gift is generally the simplest form of legacy. It allows you to leave a specific sum of money to a specific beneficiary. The gift can be a defined figure that does not change with time or you may instruct your trustees to take account of the impact of inflation.
A Residuary Gift
As the term implies, a residuary gift refers to a gift that relates to the residual value of your estate once all debts, fees and any pecuniary legacies have been paid. In this case, you may choose to give the whole of the residuary estate to one individual or institution, or you may wish to divide the residuary estate between several beneficiaries.
A Non-Monetary Gift
As well as monetary donations, non-monetary legacies may be left to the University in the form of, for example, property, stocks, works of art, copyright revenues or any other valuable item. Wills that include such legacies need to be reviewed each time you sell any of the assets listed in your Will.
A Reversionary Gift
A reversionary legacy enables you to pass your estate, or specific assets of your estate, to named individuals who will benefit throughout their lifetime. Following their deaths all, or some, of the estate is then passed to the beneficiaries as specified in the reversionary legacy. For example, property may be left to a spouse for his/her lifetime and then bequeathed to the University after his/her death.
Defining How Your Legacy is used
Some benefactors choose to make a donation to Swansea University for a particular purpose. For example, they may wish to support:
o Medical Research
o Students facing particular financial hardship
o Building or infrastructural needs
o Sports and Music facilities and equipment
o Prizes and awards for students or staff
o The Greatest Need
Examples of Wording for Bequests Made in a Will
If you decide to make a bequest to Swansea University, the following wording could be used in your Will:
1. I give free of tax to Swansea University (‘the University’) the sum of £_______ and I express the wish (but without imposing any binding obligation) that the money be used for …….. (details of intended purpose).
2. I give free of tax to Swansea University (‘the University’) the sum of £_______ to be held for the general purposes of the University absolutely
I give my ………… (full description of item and its location) to Swansea University.
Residuary and Reversionary Gifts
Given the complexity of residuary and reversionary legacies, we suggest that you contact a legal advisor to discuss legacies of this nature.
Whichever wording is used, it is important that the following clause be inserted in the Will:
‘I declare that the receipt of the person who professes to be the Director of Finance or Treasurer or other proper officer for the time being of the University shall be a sufficient discharge to my (Trustees) (Executors). I further declare that if before my death (or after my death but before my (Trustees) (Executors) have given effect to this gift in question) any other charitable or other body to which a gift is made in this my Will has changed its name or amalgamated with or transferred all its assets to any other body then my (Trustees) (Executors) shall give effect to this gift as if it has been made (in the first case) to the body in its changed name or (in the second case) to the body which results from such amalgamation or to which the transfer has been made.’
For further information contact Catrin Harris or call 01792 604626