Frequently
asked questions
Q.
Can I leave a gift to Clare College ? I didn't think it was
a charity.
A. The
College is an exempt charity (Inland Revenue no. X3883) under
the terms of the 1960 Charities Act. This means that any lifetime
gifts to Clare are eligible for Gift Aid, and that a gift
to Clare in your will is free from Inheritance Tax. In addition,
a gift to Clare in your will may have tax benefits for your
estate by reducing the amount liable to Inheritance Tax; for
example a legacy to Clare of £10,000 out of an estate
that is subject to Inheritance Tax (excess over £300,000
in 2007/08), will actually cost the estate only £6,000
net, in the sense that the remaining £4,000 is a tax
saving (40% of £10,000).
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Q.
Can you tell me the difference between a pecuniary, a residuary
and a reversionary legacy?
A. See
How to
leave a gift in your will.
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Q.
Can the value of my legacy go down over time?
A. It
is difficult to predict precisely how the value of your legacy
will be affected 10, 20 or 30 years from now. However, the
most effective way to protect your gift against inflation
is to leave a percentage of your estate to charity, rather
than a specific sum whose value will decrease year on year
as inflation rises.
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Q.
Can I give a copy of my signed will to anyone for safekeeping?
A. You
can keep a copy of your will with your solicitor or bank,
as well as holding a copy yourself. It is also wise to tell
your executors where they can find the original. From time
to time you should review your will to make sure it still
accurately reflects your wishes and takes account of recent
events in your life, such as the birth of a grandchild.
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Q.
Can I be sure that Clare really needs my legacy?
A. Legacies
are a hugely important source of income for the College. Without
them we could not offer the broad range of opportunities to
students through excellent teaching and the tutorial system.
Without them we could not offer a comprehensive bursary programme
for students from poorer backgrounds. Without them we could
not maintain the fabric of Old Court and the other College
buildings. The money we receive from external sources (academic
fees, and income from our conference programme) will not be
sufficient on its own for Clare to be able to sustain and
develop its position as a centre of excellence.
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Q.
Can legacies really provide enough income to make a difference?
A. Yes,
they can and do. In 2006 the College received almost £460,000
in legacy gifts. These funds have been put to immediate use
to support current Clare students through bursaries, travel
awards and choral scholarships.
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Q.
Can I find out what Clare spends legacy income on?
A. On
this site you can read about how
recent gifts have been used.
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Q.
Can I choose what my legacy is spent on?
A. Yes,
you can. Whilst we welcome legacies that can be used for general
purposes, and/or to build up the College's general endowment,
we are also very happy to accept gifts for particular use.
That means you can choose what your money is spent on – a
favourite part of the College perhaps, or a prize for a student
studying a particular subject.
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Q.
Can I be sure that you will spend my legacy where I want it
to be spent?
A. Whatever
your wishes, we will respect them and act upon them, as long
as what you have requested does not conflict with the College's
statutory and strategic objectives.
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Q.
Can I choose how much I want to leave and does it have to
be for a lot of money?
A. Anyone
can leave a gift to Clare in their will and we welcome all
gifts – large and small. Some people leave us specific gifts
of money and others choose to leave us the residue of their
estate, which can be arranged so that surviving dependants
are looked after first. But whether you give £3,000
to endow a named prize to reward academic achievement, £30,000
to endow a student bursary, or £300,000 to endow singing
lessons for members of the world-famous Clare Choir, your
gift counts.
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Q.
Can I talk to someone who can answer my queries about willmaking
and leaving a legacy to Clare?
A.
The
Deputy Development Director is always more than happy
to help you with any queries you may have.
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