Legacy Giving
The Michaelhouse Legacy
Since 1896 Michaelhouse's legacy is one of developing the individuality and full potential of the boys entrusted to its care. Michaelhouse has flourished over the years because Old Boys, Parents, Past Parents and friends have given so generously, for so long, to meet its needs. Gifts have made possible the bursaries that support boys of promise. Gifts have enabled the facilities to be expanded to meet the changing needs of new generations of boys at Michaelhouse.
We all have dreams. Michaelhouse is no exception. We dream of being able to offer the benefits of a Michaelhouse education to others, of expanding the facilities in the future in order to remain relevant for the next generation of boys at the school, and of maintaining our standards of excellence.
You could help Michaelhouse fulfil these dreams.
A Continuing Gift
People and their expressions of caring and commitment are the stuff of legacies. People like the teachers at Michaelhouse, and people like you.
The legacy you can provide is one of a strengthened school, with more bursaries, better facilities, and a more secure financial base. You will know that the school will continue to fulfil its objectives well, and you will have encouraged it to carry on with that task.
You can be part of this continuing and vital legacy through a gift in your Will.
Your Legacy
Your bequest to Michaelhouse is your opportunity to impress upon future generations the beliefs and principles you hold to be of lasting value. The creation of a fund to benefit the school is an enduring and eloquent expression of gratitude.
…and your part is easy to play.
Whether you are making your Will for the first time or remaking a previous Will, including a bequest to Michaelhouse is simple and straightforward.
Your Will
A Will ensures that your wishes are carried out after your death. A Will is therefore essential, particularly if you have dependants. Over the years, one's financial circumstances often change, and so you should review your Will with your advisors on a regular basis. This will ensure that your wishes are fulfilled and that your beneficiaries are protected. It is advisable to use a lawyer to draw up the execution and witnessing of a Will. In this way you will ensure that all the formalities have been observed and that the Will is valid.
If you would like to be put in contact with a lawyer or financial advisor from the OM community in your area, please contact us.
If you have a current Will, but have not provided a legacy for Michaelhouse, a brief and inexpensive codicil can be prepared and attached to that Will without disturbing your other arrangements. An example of such a codicil can be found here:
The Tax Implications
Bequests to Michaelhouse will save the 15% estate duty, if your estate is subject to estate duty, that would otherwise be levied on your assets if they remain in the residue of your estate.
Shaping Your Bequest
A bequest to Michaelhouse may be made in cash, securities, shares, unit trusts, life insurance policies or property.
You may designate the bequest as a percentage of your estate, as a specific amount, as the residue of your estate after other bequests are made, as a life income plan, or as the residue of your estate after guaranteeing an income for life of a loved one.
But you should consult with your financial and legal advisors to be sure that you are choosing the most appropriate alternative.
The Bequest Options
You may decide to help with the development of the buildings or facilities at Michaelhouse. Alternatively you may prefer to endow bursaries for boys at the school, or you might like to consider assistance to the Thuthuka Farm School.
You may specify one of these for your bequest, and indicate if the bequest should be directed to a specific type of building or to a specific type of bursary (for members of your family or for some.one else). If you choose to endow a bursary you will need to consider the current level of fees - R325,000 per annum in 2023.
If you would like to arrange a meeting to discuss these options, please get in touch with the Finance Director.