How to leave a gift in your will

How to make a new will

Making a will is not complicated and it should cost around £100.

• First, appoint a professional adviser – usually a solicitor.
• Then, work out how much you have to leave, including the total sum of your property, money and possessions, less any outstanding mortgages or loans.
• Decide who you want to benefit from your will (family, friends, charities or good causes).
• Choose executors to ensure your wishes are carried out. These can be professional advisers, friends or family members, or one of each.
• Finally, keep your will safe and make sure your executors know where to find it. Give one copy to your solicitor.

How to update an existing will

You do not have to rewrite your will completely in order to add a gift to Clare College . This can be achieved simply by adding a codicil to your existing will. A codicil does not necessarily change the terms of your will: it is a supplement, which changes or amends part of the will. If you wish to change your will substantially, we advise that you contact your solicitor and have the will rewritten to include all your changes in a new document.

Different ways of leaving a gift to Clare in your will

• A monetary or pecuniary bequest leaves to the College a specified sum of money (which can be index-linked to prevent its value being eroded by inflation).
• A residuary bequest leaves to the College a percentage of the remainder of your estate, after other legacies and charges have been met.
• A reversionary bequest leaves your assets to a named beneficiary (for example your spouse) for their lifetime, with the whole or a proportion reverting to the College on their death.
• A specific or non monetary bequest allows you to leave shares, property, stocks, pictures or furniture to the College either on terms that they be retained or that they may be sold when advantageous to provide funds for Clare. If you are considering leaving non monetary items to Clare, please contact us to arrange for someone to visit you so that we can discuss what you have in mind.

Further advice and information

If you have any further questions or require further advice, please contact the Deputy Development Director, who will be happy to help you. We have also provided the answers to frequently asked questions about leaving a gift in your will.