John Radcliffe died unmarried on 1 November 1714, aged 64. In his will he made generous provision for his sisters Millicent and Hannah, for his nephews, and for his servants. He bequeathed to St Bartholomew's Hospital in London £500 a year 'towards mending their Diet' and £100 a year 'for buying Linen'. The main beneficiary, however, was the University of Oxford.
Radcliffe left £600 a year to the University for two ten-year fellowships, eligible to Oxford students who were Masters of Arts 'and entered on the Physic line'. They were to spend half their time 'in parts beyond the sea, for their better improvement'. He conveyed his Yorkshire estate to University College, and also left the College £5,000 to extend their buildings (the present Radcliffe Quadrangle).
The biggest single bequest, however, was £40,000 for the construction of a new library in Oxford, together with £150 a year for a Librarian, £100 a year to purchase books and £100 a year to maintain the building.