Legacies & donations
Financially, the College aims to match activities to projected income. The College is funded from subscriptions, examinations and related fees, investment income, grants from outside bodies and charitable donations.
As with other Royal Colleges, bequests or legacies are always gratefully received. Leaving a gift to charity in your will is a very special way of helping to secure the future for organisations such as The Royal College of Pathologists, for which you may have great affection and regard.
Legacies to the College have the added benefit of being exempt from UK inheritance tax. This could reduce or eliminate completely any potential tax, which might otherwise be payable out of your estate.
An open legacy may be made towards the general purposes of the College. This is preferred because it allows the College to apply the funds donated where the need is greatest at the time the legacy eventually becomes available. However, you may legally oblige the College to spend the money in a particular area of College work or for a specific purpose by making a restricted legacy.
Additions to your existing will can be made using a ‘Form of codicil’. Please note that witnesses should be present when you sign the form and it should not be witnessed by a College member or the spouse of a College member.
As a general point, we always recommend consulting a solicitor or qualified will-writer before making a will. They should give you all the legal and tax advice that you require.
If you are considering including a legacy to the College in your will, we would very much appreciate being informed of your generous act.
To inform the College of your bequest or for further information and specific advice on legacies to the College, please contact Daniel Ross, College Chief Executive, on 020 7451 6789 or email [email protected]