Leaving a Legacy
Leaving a gift to Oriel in your Will is one way to make a lasting contribution to the College, and you will join a long tradition of legators who have helped the College to excel since its foundation in 1326.
Download Intentions FormOriel’s reputation for academic excellence and as a supportive, welcoming environment is strengthened by Orielenses who choose to remember the College in their Will.
Legacy gifts help to:
- Endow Fellowships that protect the unique tutorial system
- Establish bursaries and scholarships to support talented students
- Recruit and retain world-class academics, and advance cutting-edge research
- Preserve and renovate ancient buildings to create new teaching and social spaces that enable students and academics to flourish in the collegiate environment.
If you are considering 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 download here.
If you wish to have a confidential conversation about your legacy, please contact Bobby Higson on 01865 276 585 or email bobby.higson@oriel.ox.ac.uk.
Types of Legacy
There are four different types of legacies that you can make to Oriel:
Residuary Legacy
The bequest of all or part of your net estate after other legacies and provisions have been made. You do not have to quantify the sum you wish to leave or consider the effect of inflation.
Example wording:
I leave to Oriel College (UK Registered Charity No. 1141976) [all/a percentage/a fraction] of the residue of my estate for its general purposes 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 the 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, rather than a fixed sum. To preserve the value of such a legacy, your Will can provide for it to be index-linked.
Example wording:
I give to Oriel College (UK Registered Charity No. 1141976) the sum of [state amount in figures and words, noting currency if not £ Sterling] free of tax for its general purposes and I direct that the receipt of the Bursar or other authorised officer shall be a good sufficient discharge to my Executors or Trustees for the discharge of the 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 College.
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 by the College.
For advice on the wording required for revisionary and 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 276585
Email: development.office@oriel.ox.ac.uk