LEGACIES - Making a gift that lasts
- Published: Saturday, 23 May 2020 16:15
A gift in your will to The Terrier Trust CIO is one of the most valuable and lasting ways you can support our purpose to advance the education of the public by the preservation, maintenance, public display and operation of the Terrier class of locomotives for future generations to enjoy.
Preserving Victorian steam locomotives is extremely costly and at the Terrier Trust CIO (a registered charity) we welcome all gifts in wills, however large or small, and we promise that your bequest will be used to make a difference. Our legacy policy is to use gifts to help fund significant projects and events, for instance the repair and overhaul of Terriers such as our own pair, No.3 ‘Bodiam’ and No. 2678, and major celebrations of the locomotive class.
Since needs change over the years, we encourage you to leave a gift in your will for the general use of the Trust in pursuing its charitable aims, rather than for a restricted purpose. We can discuss possible uses of your gift with your executors when the time comes, bearing in mind your known areas of interest and the Trust’s priorities at the time.
You can be confident that your gift will be used to make a real difference to the future preservation, maintenance and operation of these enchanting and historically important locomotives.
We can acknowledge gifts in whatever way the donor and/or their executors feel most appropriate. Equally, we can make sure that gifts remain anonymous if that’s what you prefer.
How to make a gift:
Every gift can make a difference
You can leave a share of your estate (known as a Residuary Bequest)
This is the gift of all or part of the value of your estate (after debts, other legacies and liabilities have been met). This has the advantage of automatically keeping up with inflation.
You can leave a fixed sum of money (known as a Pecuniary Bequest)
This is the gift of a specific sum of money.
Are there tax advantages?
All gifts to charities in wills are tax free. When Inheritance Tax on your estate is calculated, gifts to charity will first be deducted from the full value of the estate.
We advise you to seek professional legal advice regarding making or changing a will
How do I find a solicitor?
Visit the Law Society website at www.lawsociety.org.uk
I am happy with my will, but I would like to add a gift to The Terrier Trust CIO. What do I do?
Ask your legal advisor to draw up a codicil – this is a simple legal addition to your existing will.
A sample wording for a bequest is as follows:
“I give____% of my residuary estate OR I give the sum of £______pounds only free of all taxes to The Terrier Trust CIO of 5 Newing Green, Bromley, BR1 2TD (registered charity number 1165782) for its general purposes, and I declare that the receipt of an officer of The Terrier Trust CIO shall be a sufficient discharge to my executors and trustees.”
Finally, a gift to The Terrier Trust CIO in memoriam can also be a wonderful and appropriate way to remember a loved one. If you would like to consider this, please do make contact to discuss this with us too.
If you wish, you could tell us why you have decided to remember The Terrier Trust in your Will or make a gift in memoriam. We would love to hear your story.
Thank you for your support and for your generosity.