Q: I already have a will. Is it simple to change my existing will?
A: Yes. Even if you already have a will, you can still leave a legacy to the College through a codicil (a document that amends a will). If you are changing your will through a codicil, it is advisable that you seek advice from a solicitor.
Q: How is my Inheritance Tax affected if I leave a legacy in my will?
A: A legacy to Dulwich College is free from Inheritance Tax due to it being a registered charity, which means that any gift you make to the College in your will is deducted from the value of your estate before it is assessed for Inheritance Tax. Where 10% or more of a net estate is left to charity, the inheritance tax rate is reduced from 40% to 36%.
Q: Can you advise on appropriate wording to put into my will or a codicil?
A: We advise that you use a solicitor to amend an existing will or to include a legacy in a new will.
Q: Can my legacy be used to support areas other than bursaries?
A: Yes - we understand that donors may prefer to direct their legacy to other areas of the school such as facilities, the performing arts or sport.
Q: Can the College claim Gift Aid on a gift in my will?
A: Unfortunately the Gift Aid scheme does not apply to gifts in wills.
Q: What happens if one of my beneficiaries dies before me?
A: Your solicitor can draft the will in such a way that if one of your beneficiaries dies, either the gift reverts to the main estate (reversionary will) or that another person is nominated (conditional). Your solicitor can advise you on both options.