There are several common forms of legacy and we recommend that you seek professional advice in deciding which is the most appropriate for you. These include:
- A residuary legacy: a gift of all or a percentage of your estate after other bequests, expenses and taxes have been take care of.
- A pecuniary legacy: a gift of a specific sum of money.
- A specific legacy: a gift of personal property such as land or other real estate, shares, books or other items.
- A reversionary legacy: a gift allowing you to leave assets to Sidney while allowing a named person the benefit of the assets during their lifetime.
The College's charitable status means there are tax benefits in leaving a legacy to us. By remembering Sidney in your will, you can reduce the taxable value of your assets, and so reduce the amount of inheritance tax on your estate. Gifts may be in the form of money, property, or other valuables.
Alumni and friends of Sidney in the USA might find it helpful to know that legacies for the benefit of Sidney Sussex College can be left to the College without any loss of tax efficiency through Cambridge in America.