Leaving a Legacy to Aber

It is not without good reason that legacies are often called "the greatest gift of all".  What could be more selfless and generous than to make a gift for which one cannot be thanked upon receipt?  It is for this reason that we have created the 1872 Society, a vehicle which allows us to thank those choosing to make provision for Aber in their Wills during their lifetime. 

After protecting the interests of family and friends, many choose to remember Aber with a legacy, reflecting their support and affection and their wish for the University to continue to flourish in the future. A legacy can help to ensure that, for generations to come, Aber is able to compete with its peer institutions on all fronts and maintain its status as one of the leading universities in the country.

Types of Legacy (Bequest)


Types of Legacy (Bequest)


Whereas one might reasonably assume that a legacy gift is a legacy gift, there are in fact a number of different ways in which one can leave money to a charitable institution such as Aber. It is important that you safeguard those closest to you, ensure that your bequests maintain their value and that they go where you wish.

Free of Inheritance Tax

Remember, every bequest made to a charitable body is free of inheritance tax, and this can be a telling factor when planning your estate for after your death.

The following is by no means a definitive list, merely the most regularly utilised, and we would always recommend that you take professional legal advice before making or changing a Will.

Pecuniary Legacy

This involves the leaving of a specific amount of money. The disadvantage of this method is that inflation will erode its value over time and so can distort your original intention. In order to obviate this you could set aside a proportion of your Estate through a Residuary Legacy.
Conditional Legacy If you feel that you would quite like to leave all or part of your Estate to Aber, yet also feel that someone else has a stronger claim to the gift, then you can make a Conditional Legacy. This means that you leave your bequest to a particular person, but in the event that he or she should predecease you, then that bequest would go to the University.
Gifts in Kind Your gift can take any form, and it is quite possible to leave gifts in the form of shares or items of property such as houses, pictures or other valuables. The University could then sell the asset and utilise the proceeds. This can be an attractive option where the asset has appreciated in value over the years and a high Capital Gains Tax liability exists.
Residuary Legacy The way to protect the real value of your gift is to make what is known as a Residuary Legacy - which may be a percentage or fraction of the residue of your Estate after any specific bequests have been made. We would ask you to consider bequeathing one or two percent of your Estate.
Reversionary Legacy (A Life Interest) Aber fully appreciates the concern all of us have for those we leave behind, and our wish to ensure that first and foremost proper provision is made for those close to us. In this case, what is known as a Reversionary Legacy can be used, whereby you leave money or your Estate (or a percentage thereof) to the University after the death of your spouse or relative. This means that they enjoy your assets during their lifetime, but afterwards everything, or a designated portion, reverts to the University.

 

 

Legacy Wording


Suggested Wordings for Bequests to Aber

The following are some sample wordings for making Pecuniary, Residuary, and Gift-in-Kind bequests, as well as an example of a Codicil which one adds to an existing Will. However, we would recommend that in all cases you discuss your particular requirements with your legal advisers in the light of your personal circumstances.


Pecuniary Legacy (a specific sum of money)

I give the following charitable legacy absolutely:
To Aberystwyth University, Old College, King Street, Aberystwyth, SY23 2AX, United Kingdom ("the Charity") the sum of £................... for the general purposes of the Charity and with the full power to expend capital as well as income for such purposes and I direct that a receipt of the Vice Chancellor or other authorised officer for the time being shall be a good and sufficient discharge to my Executors for the payment to the Charity.


Bequest in Kind (an item or asset you wish to bequeath)

I make the following charitable gift absolutely:
To Aberystwyth University, Old College, King Street, Aberystwyth, SY23 2AX, United Kingdom, ("the Charity") (a clear description of the item(s) to be bequeathed).

With the full power to realise such assets and to apply the proceeds to the general purposes of the Charity, and I direct that a receipt of the Vice Chancellor or other authorised officer for the time being of the Charity shall be a good and sufficient discharge to my Executors for the payment to the Charity.


Residuary Legacy (a portion of your estate)

I devise and bequeath (a percentage or share) of the residue of my estate absolutely to Aberystwyth University, Old College, King Street, Aberystwyth, SY23 2AX, United Kingdom, hereinafter called "the Charity", such sum to be applied for the general purposes of the Charity and with full power to expend capital as well as income for such purposes and I direct that a receipt of the Vice Chancellor or other authorised officer for the time being of the Charity shall be a good and sufficient discharge to my Executors for the payment to the Charity.


Codicil adding a Bequest to an existing Will (an amendment to a Will)

I ... (your name) ... of ... (your address) ... declare this to be the first (... or second etc. ...) Codicil to my Will dated and made the ... (date) ... of ... (month and year).

In addition to the legacies given by my said Will I give the following further charitable legacy absolutely:
To Aberystwyth University, Old College, King Street, Aberystwyth, SY23 2AX, United Kingdom, ("the Charity") the sum of £ ............................ for the general purposes of the Charity and with the full power to realise such assets and to apply the proceeds to the general purposes of the Charity, and I direct that a receipt of the Vice Chancellor or other authorised officer for the time being of the Charity shall be a good and sufficient discharge to my Executors for the payment to the Charity.

In all other respects I confirm my said Will.

(A Codicil needs to be separately signed, dated and witnessed by two independent witnesses as for a Will in its own right).

1872 Society


The 1872 Society


The Importance of Lifetime Recognition


In many ways, the provision for Aber of a bequest in your Will is the greatest gift of all. It signifies the belief you have in all that Aber stands for, and it creates a living testimony to that affection beyond your death.

The University believes that such a commitment to the future should not be recognised purely through acts of remembrance, and that those who have chosen to endow that future should be both honoured and thanked in their lifetime. It is for this reason that we have created the 1872 Society, named in honour of the founding of the University.

Membership of the Society is granted to all those who have signified their intention to make a bequest to Aber. Recognising that such a decision is often private and personal, the list of members is not published, but an annual luncheon is held every year at which, in a quiet but meaningful way, the University is able to offer the membership its thanks and keep them abreast of current development plans.

The University also draws upon the experience and wisdom of 1872 Society members to advise on its intentions for the future.

We very much hope that you will wish to become a member of this exclusive and very special donors’ society. Contact us by telephone or email us with your decision to make a bequest for Aber and you will be automatically enrolled in the 1872 Society.