Leaving a Legacy
Leaving a gift to Oriel in your will is one way to make a lasting contribution to the College, and will make you part of the long tradition of legators who have built up the College since its foundation.
Download Intentions FormLegacy Types
If you are considering to making a provision for Oriel in your will please let us know by sending a non-binding intentions form to the Development Office, which you can downloaded here.
If you wish to have a confidential conversation then please contact Sean Power, Fellow and Director of Development on 01865 276 964 or email sean.power@oriel.ox.ac.uk.
There are four different types of legacies that you can make to Oriel:
Residuary Legacy
This involves the bequest of all or part of your net estate after all other legacies and provisions have been made. This is a good option if you do not want to quantify the sum you want to leave or take inflation into account.
Model Wording:
I leave to Oriel College (Charity Reg. No: 1141976) [all/a percentage/a fraction] of the residue of my estate and I direct that the receipt of the Bursar or other authorised officer shall be a good and sufficient discharge to my Executors or Trustees for the discharge of said legacy.
Pecuniary Legacy
Also known as a monetary gift, this is a simple legacy of a specified sum of money. Its value could be significantly eroded by inflation over time, so you may prefer to set aside a percentage of your net estate. To preserve the real value of such a legacy, your will can provide for it to be index-linked.
Model Wording:
I give to Oriel College (Charity Reg. No: 1141976) the sum of £… free of tax and I direct that the receipt of the Bursar or other authorised officer shall be a good and sufficient discharge to my Executors or Trustees for the discharge of said legacy.
Revisionary Legacy/Life Interest
This gift has the advantage of providing for your spouse or other relative or friend first, and subsequently benefiting the College. It involves leaving your assets to trustees so that named beneficiaries can enjoy the income during their lifetime; after their death, the remainder of the legacy reverts back to the College.
Model Wording:
For advice on the wording required for revisionary legacies we recommend that you consult your solicitor.
Specific Legacy
It is possible to leave gifts in the form of shares or other assets such as property, valuables, stocks, and other securities which can then be sold.
Model Wording:
For advice on the wording required for specific legacies we recommend that you consult your solicitor.
Legacies and Tax
As Oriel is a registered charity, gifts left to the College in your will are completely free of inheritance tax, and the government provides a further incentive when you leave 10 per cent or more of your net estate to charity. A reduced rate of inheritance tax, discounted from 40% to 36%, has applied since 6th April 2012. Estates valued above the ‘nil rate band’ incur an inheritance tax charge, but anything left to spouses or charities is always exempt.
The Adam de Brome Society
Those who intend to make a provision for Oriel in their will are invited to join the Adam de Brome Society. Please go to our page on the Society to find out more.
Further Information
If you or your solicitor require further information, please contact:
Development Office
Oriel College
Oxford
OX1 4EW
Tel: +44 (0)1865 276599/286530
Email: development.office@oriel.ox.ac.uk