Legacies

The process of writing a Will can be a profoundly emotional and difficult task. A Will is an expression of your legacy, of who you are and of what you value and cherish. Of course determining if a gift is right for you is just as important as making the gift. There are a bewildering array of options to choose from out there. The correct gift for you is one that balances what you wish to accomplish for yourself, your family and your charitable interests.

The education and training of the young people who will maintain and operate this ultimate locomotive is a gift to the future. We would be honoured if you would consider this to be amongst your wishes. As the decision to leave a gift to charity is a significant one, the following information will hopefully help with the decision and clarify any questions you might have.

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ere are three clear and simple methods to gift a legacy:

A Residual Legacy

This is a percentage or all of what remains after your expenses and other legacies have been paid. A residuary legacy is the best way to benefit the Trust as it’s unlikely to be affected by inflation. For example, if your estate’s residue is valued at £10,000, a 5% residuary will amount to £500. By using this method, you can be sure that your gift is always within your means, whatever your financial circumstances in later life.

A Pecuniary Legacy

This is a gift of a fixed sum of money – it may mention specific tasks such as funding the interim boiler re-tube after 7 years’ operation or paying for other specific items in connection with the overhaul.

A Specific Legacy

This is the gift of an item of value in your estate, such as a parcel of land, a house, a collection or shares. Any gift, irrespective of the size is vitally important to the Trust. Our commitment to you is that any item gifted will be used wisely to exclusively fund the training of young people and maintenance of the locomotive.

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Inheritance Taxes

As the BR Class 8 Steam Locomotive Trust is a registered charity, legacy gifts will be free of inheritance tax. Briefly, inheritance tax is paid on your ‘estate’. This is all that you own at your time of passing, less what you owe. Tax is payable at the rates set by the Government on the amount above the inheritance tax threshold so that not everyone pays inheritance tax. It only applies if the taxable value of your estate is above a certain amount.

For guidance on inheritance tax and legacy gifts, we advise you speak to your solicitor or financial advisor.

Make your lasting legacy an assured future for The Duke.