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Remembering the Severn Valley Railway Charitable Trust in your Will The Severn Valley Railway Charitable Trust strongly advises that you take professional advice in drawing up a Will.

A Legacy

If you have not yet made a Will, then perhaps you may want to consider consulting a solicitor or other professional advisor to discuss making one. If you die without a Will, the law sets out who inherits your estate on the basis of a standard formula and this might not be what you would wish.

If you already have a Will, it is simple and quick to add an additional provision - called a Codicil - that can be to the benefit of the Severn Valley Railway Charitable Trust.

What are the different types of legacy that I can leave?

Providing for your loved ones is the most important thing to consider when writing a Will. However, once they have been considered you may wish to leave a legacy to support our work. One way of doing this is to include a residuary legacy to the Severn Valley Railway Charitable Trust – this is a percentage of your estate after everyone else has been provided for.

You could also consider the following types of gift:

  • A gift of a fixed sum of money. The value of pecuniary legacies will decrease over time, as the cost of living increases.
  • A particular named item left as a gift in your Will is known as a specific legacy, for example, a piece of jewellery.
  • Legacies made on the basis of another event happening first are called contingent gifts. For example your Will could state that a gift only applies if all other beneficiaries named in your Will die before you do.
  • A reversionary legacy is a gift which someone can benefit from in their lifetime. For instance, your house could be left for the use of a relative. When they die it could pass to someone else, or to a charity.

Residuary bequest (a share of your estate)

I give (%) of the residue of my real and personal estate to the Severn Valley Railway Charitable Trust Limited (Registered in England & Wales Charity Number No 1092723) of The Railway Station, Bewdley, Worcestershire, DY12 1BG and the receipt of the Trustees of the Severn Valley Railway Charitable Trust or other proper officer for the time being of the Severn Valley Railway Charitable Trust Limited shall be a complete discharge to my executors. Pecuniary bequest (a set sum)

I give the sum of [...] pounds to the Severn Valley Railway Charitable Trust Limited (Registered in England & Wales Charity Number No 1092723) of The Railway Station, Bewdley, Worcestershire, DY12 1BG and the receipt of the Trustees of the Severn Valley Railway Charitable Trust or other proper officer for the time being of the Severn Valley Railway Charitable Trust Limited shall be a complete discharge to my executors.

Financial benefits of leaving a gift in your Will

Inheritance tax is paid if the value of your estate exceeds the threshold set by the government – currently £325,000. Inheritance tax of 40% is paid on the amount that exceeds this threshold. So, out of every £1 over the threshold your beneficiaries will only keep 60p, 40p will go to the government. What’s more, gifts to charities are generally exempt from Inheritance Tax. If you leave a charitable gift it will be deducted from your estate before Inheritance Tax liability is calculated. If you would like more information, please visit the HMRC website.

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