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suggested wording for your Will or Codicil - University of Nottingham

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suggested wording for your Will or Codicil - University of Nottingham Powered By Docstoc
					 Suggested Wording
 For your Will the Vice-Chancellor
Forward fromor Codicil
 Here are some brief guidance notes on the types of bequest along with some suggested legal
 wording for each.

 We strongly recommend that you seek professional advice from a qualified legal or financial practitioner
 before completing the process.


 Residuary bequest                         Reversionary bequest                     Pecuniary bequest
 A gift of all or a percentage or          A gift of assets to a chosen             A gift of a fixed sum of money.
 share of your estate after allowing       beneficiary subject to the rights of a    The disadvantage of a fixed sum of
 for expenses, pecuniary and               named person or persons to               money is that because of inflation
 specific bequests. The advantage           receive the benefit of those assets       the value of the gift may reduce
 of a residuary bequest is that            during his or her lifetime.              over time, which may require the
 it maintains its real value in relative   For example, it could enable you to      Will to be updated at a later date.
 terms, regardless of inflation.            leave your residuary estate to an
                                           organisation such as the University,     Wording
 Wording                                   but on condition that a spouse or        "I give to The University of
 "I give to The University of              friend could continue to receive the     Nottingham the sum of (in figures
 Nottingham all (or a percentage           income of that part of your estate       and in words) free from all taxes
 or share) of my residuary estate to       (or to continue to live in your house)   and duties, to be applied to the
 be applied to the general purposes        until he or she died. The capital        general purposes (or your preferred
 (or your preferred area) of the           would then pass to the University        area) of the said University and I
 said University and I declare that the    on the death of that person.             declare that the receipt of the
 receipt of the Registrar or other                                                  Registrar or other authorised officer
 authorised officer for the time being      Wording                                  for the time being of the University
 of the University shall be good and       The wording above should be              shall be good and sufficient
 sufficient discharge to my                 adapted to suit your particular          discharge to my Executors."
 Executors."                               needs and wishes.

                                                                                    Thank you for considering
                                                                                    including The University of
                                                                                    Nottingham in your Will.

				
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posted:3/28/2013
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