Residuary
A gift of all or a percentage of your estate after allowing for expenses, pecuniary and specific bequests. This type of bequest is not diminished by inflation and so is preferred.
Suggested wording:
“I give to the University of East Anglia, Norwich Research Park, Norwich NR4 7TJ (Exempt Charity Number: XN423) all [or a percentage share] of my residuary estate free from all taxes and duties, to be applied to the general purposes [or your preferred area] of the said University and I declare that the receipt by the Secretary and Registrar or other authorised officer of the University shall be good and sufficient discharge to my Executors or Trustees.”
Pecuniary
A gift of a fixed sum of money. The disadvantage of a fixed sum of money is that because of inflation, the value of the gift may reduce over time, which means that the amount of the gift may need updating periodically. Alternatively, you may wish to talk to your legal professional about making the gift index linked.
Suggested wording:
“I give to the University of East Anglia, Norwich Research Park, Norwich NR4 7TJ (Exempt Charity Number: XN423) the sum of [in figures and in words] free from all taxes and duties, to be applied to the general purposes [or your preferred area] of the said University and I declare that the receipt of the Secretary and Registrar or other authorised officer of the University shall be good and sufficient discharge to my Executors or Trustees.”
Specific
A gift of a specific item or items from your estate. For example, this might include a property, art works, rare wines, jewellery, bonds, unit trusts or stocks & shares. The University will need to sell these items in order to realise the assets and make use of the proceeds. It is UEA policy to make that sale as soon as reasonably possible after receipt.
Suggested wording:
“I give to University of East Anglia, Norwich research Park, Norwich NR4 7TJ (Exempt Charity Number: XN423) [clear description of item to be bequeathed] with the full power to realise the assets and to apply the proceeds to the general purposes [or your preferred area] of the said University and I declare that the receipt of the Secretary and Registrar or other authorised officer of the University shall be good and sufficient discharge to my Executors or Trustees.”
Reversionary
A gift of assets to a chosen beneficiary subject to the rights of the named person or persons to receive the benefit of those assets during his or her lifetime. For example, you can leave your residuary estate to the University, but on condition that a spouse or friend could continue to receive the income of that part of your estate (or continue to live in your house) until he or she died. The capital would then pass to the University on the death of the person.
The previous wording should be adapted to suit your specific needs and wishes.
Codicil
If you already have a will and would like to include a legacy gift to the University this can be done by speaking to your legal adviser and requesting you wish to add a Codicil to your existing will.