Gifts made through wills are enormously valuable to Cambridge Muslim College, as they support our future and reflect a shared vision and commitment to continuing the College’s work.
CMC understands that the decision to remember the College your will is a personal one. However, letting us know your thoughts is invaluable because it allows us to clearly understand your wishes, as well as to plan better for the future. If you wish to make a legacy pledge, or inform us of an existing legacy to the College, please fill out the legacy gift form.
Legacy Gift Types
Giving a share of your estate. This is known as a residuary legacy and it is stated as all or as a percentage of your remaining estate, once all fees, outstanding costs and other gifts have been taken care of. Even a small percentage of your estate can make a difference.
Making a gift of a fixed sum of money. This is called a pecuniary legacy.
A gift in your will need not be in the form of money. A gift called a specific legacy enables you to leave specific assets such as property, stocks and shares or other valuables if you so wish.
A gift in trust. This gift allows you to leave your estate, or part of it, on trust for the benefit of a particular person during their lifetime. They benefit from using the assets, or receiving the income from them, during their life. On their death, the assets pass to other chosen beneficiaries (called ‘reversionary beneficiaries’) such as Cambridge Muslim College.
Inheritance Tax benefits
By remembering the College in your will you may be able to reduce the taxable value of your assets and so lower the amount of inheritance tax due on your estate.
The Inheritance Tax threshold is £325,000 as at January 2013. If the total value of your estate is above this threshold, it will be subject to Inheritance Tax (IHT).
As CMC has charitable status, a gift in your will would be exempt from IHT. The gift will be deducted from your estate before IHT is calculated, and so reduce the amount of IHT payable.
There is now a further incentive when you leave 10 per cent or more of your net estate to charity. If you leave charitable gifts in your will that amount to 10 per cent or more of your chargeable net estate, the IHT rate on the whole of your estate will be reduced from 40 per cent to 36 per cent.
Please check the HM Revenue & Customs website for further information.
For information about the legal aspect, including wording suggestion, please click here.
If you would like any further information about leaving a legacy to the College, please contact email email@example.com.