Leaving a legacy
The importance of legacies to Harrow cannot be overstated.
Our very foundation is owed to the philanthropic bequest of John Lyon, and much of the impressive improvements made to the School since its earliest years have been made possible through legacy bequests.
Leave a lasting contribution to the School.
Whether it endows bursaries for gifted boys, helps fund academic posts or contributes to creating state-of-the-art facilities and resources, a gift in your Will helps support Harrow in many ways.
We are able to recognise and thank those of you that have informed us of your intention to remember Harrow in your Will in the following ways:
- Your name inscribed on a dedicated board in the Speech Room, in memoriam.
- Invitations to events and talks, periodically.
- Your family are invited to a tree planting dedication ceremony and your name recorded in the Harrow Tree Book.
Change a life through your legacy.
In the case of bequests for bursary awards, the preference of the Trustees is to invest the proceeds in the School’s annual Foundation Awards, a minimum 90% fee award to talented candidates from disadvantaged families. These Awards are managed as part of the permanent endowment investment fund.
Bequests to Harrow School are exempt from Inheritance Tax
The Harrow Development Trust is a registered charity and therefore bequests from UK tax payers are exempt from Inheritance Tax. This can be a substantial benefit to your estate and your inheritors.
How to leave a legacy
Let us know your plans, this is not a requirement but does help us with our long term financial planning.
If you have already made your Will but now wish to include Harrow, you can use our sample Codicil form or one that your Solicitor advises.
In all instances, we advise consultation with your legal advisor when drawing up or revising your Will.
Types of legacy
the pecuniary legacy
This allows you to give a specific sum of money to Harrow. As the value of a specific sum would decrease over time owing to inflation, it is possible to index-link this so that it maintains its current-day value.
The Reversionary Legacy
This is a method of providing for your family first and then benefiting Harrow. It involves leaving your assets to trustees so that the beneficiaries can enjoy the income during their lifetime, with the whole or a portion reverting to Harrow on their deaths.
The residuary legacy
This involves leaving all or part of the net residue of your Estate to Harrow, after all pecuniary legacies, debts, fees and other liabilities have been met. This gift has more flexibility than a pecuniary gift in that you do not have to quantify the sum or take into account inflation when you draw up your Will.
The conditional legacy
This provides for the eventuality that if none of your named dependants survive you, your Estate will be left to other named beneficiaries and charities including Harrow.
The specific or non-money legacy
You can leave a specific personal possession to a charity such as Harrow. Examples include property, jewellery, antiques, works of art, stocks and shares. If you do, these possessions will be excluded from the valuation of your Estate and will not be liable for Inheritance Tax.