Legacies
A legacy is a gift that is made through your will. It can be done at the time you make your will or if you have already made one, then it can be added as a codicil to provide for the bequest. The gift can be put towards the school in general, or a specific project can be identified that would be named after the donor in recognition, thanks and memory.
There are four common types of legacy. We strongly advise that you seek professional legal advice to work out which would be most appropriate for you.
1. The Pecuniary Legacy: This involves leaving a named amount of money. The disadvantage is that inflation will erode its value over the years. To get around this you could set aside a proportion of your estate as per one of the three options below.
2. The Residuary Legacy: This may be a percentage or fraction of your estate after your other specific bequests have been made.
3. A Life Interest (reversionary legacy): We fully appreciate the concern all of us have for those we leave behind, and our wish to ensure first and foremost that proper provision is made for those close to us. In this case, you can leave money or a proportion of your estate to Pembroke after your death, but this transfer would not take effect until the death of your spouse, relative or friend so that they can enjoy your assets during their lifetime.
4. The Conditional Legacy: If you would like to leave all or part of your estate to Pembroke, yet you also feel that someone else has a stronger claim to your gift, then you can leave your bequest to that person, but should they predecease you, then the bequest would go to Pembroke.
