Making your Will
Thank you for considering leaving a gift to the University of Sheffield in your Will. This page will give you all the information you need to help realise your wishes.
- Information for your solicitor
- Suggested wording
- Changing your current Will
- Giving through your pension on death
- Testamentary bequests from the USA
We recommend that you seek professional advice when planning your estate matters. Here is the factual information you will need when including a gift to the University of Sheffield in your WIll.
The University pays no tax on gifts of money or property made in your lifetime or after your death, and a legacy gift to the University normally reduces tax payable on your estate, if it is over £325,000.
UK legislation on Inheritance Tax has changed. Any estate which leaves at least 10% of its taxable wealth to a charitable cause can take advantage of a reduced rate in Inheritance Tax, from its normal level of 40% down to 36%. Please speak to your solicitor or financial advisor to find out more.
The University of Sheffield
Exempt charity status
The University of Sheffield is an exempt charity (Charity number - X1089) and is exempt from Income Tax and Inheritance Tax.
Here are some examples of suggested wording for your Will. These can be adapted according to you particular needs and wishes. We recommend that your Will wording is checked by a solicitor or relevant qualified person.
This is when you leave a share of your estate to the University, after allowing for expenses, pecuniary and specific bequests. The advantage of a residuary bequest is that it helps to maintain the value of your gift into the future.
“I give to the University of Sheffield, Firth Court, Western Bank, Sheffield S10 2TN (reference X1089) all [or a percentage share] of my residuary estate free from all taxes and duties to be applied to the general purposes (or other preferred area) of the said University. I declare that the receipt of the University Secretary or other authorised officer for the time being of the University shall be good and sufficient discharge to my Executors.”
This is a fixed amount gift, which can be index-linked to rise with inflation to reduce the need for you to change the amount periodically.
“I give to the University of Sheffield, Firth Court, Western Bank, Sheffield S10 2TN (reference X 1089) the sum of £………………………………. (in words and figures) free from all taxes and duties to be applied to the general purposes [or your preferred area] of the said University. I declare that the receipt of the University Secretary or other authorised officer for the time being of the University shall be good and sufficient discharge to my Executors.”
This enables you to pass your estate (or asset) to an initial beneficiary to have the benefit and enjoyment during their lifetime. After the time, the estate (or asset) can be passed to the University absolutely.
Wording for reversionary bequests to support the University will need to be discussed with your solicitor.
Get in touch
We are always happy to discuss your Will wording with you. Please don't hesitate to get in touch with the University's Philanthropy Manager for Legacies and Individual Giving, David Meadows.
Telephone: +44 (0) 114 222 1073
To make an amendment to an existing Will, you will need to complete a Codicil form. Please discuss adding a Codicil to your Will with your solicitor.
You can nominate the University of Sheffield as a beneficiary of your pension on death. This is applicable if you are currently withdrawing income from a personal pension fund or you have life assurance provided by your employer’s pension scheme. This is an extremely tax-efficient way of supporting the University with a gift that is completely free of Inheritance Tax. Please contact us for more information.
If you are interested in making a bequest to the University from the USA, please visit our Giving in the USA page to read more about a bequest from the USA.