Lady Margaret was born in Exeter, England to Francis Russell, 2nd Earl of Bedford and Margaret St John.
On 24 June 1577 she married George Clifford, 3rd Earl of Cumberland the son of Henry Clifford, 2nd Earl of Cumberland and Anne Dacre.
Her sister, Anne Russell, Countess of Warwick, was married to Ambrose Dudley, brother of Robert Dudley, the Earl of Leicester, and Anne too was a great literary patron and a close friend to Queen Elizabeth I, attending her on her death bed.
In 1593, Lady Margaret Russell founded Beamsley Hospital, an almshouse for local widows.
The tomb of the Countess is at St Lawrence's Church, Appleby along with that of her daughter, Lady Anne Clifford, 14th Baroness de Clifford.
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