Leave a Legacy
Leaving A LegacySome discussions are hard to have, and deciding a future beyond your years is one of those. Many people know what they want to do, but don't necessarily know how to. The following information will hopefully assist you in making any decisions, but please don't hesitate to contact us for more information. Should you choose to leave even a legacy to The North Staffordshire Railway (1978) ltd in your will, know that together we will make a real and lasting difference. There are different types of gifts you can leave, as explained below.
Residuary LegacyAfter you’ve provided for your family and friends, you can leave a share, or the remainder, of your estate to us. This is called a residuary gift. Naming The North Staffordshire Railway (1978) ltd as a default beneficiary will ensure that the NSRC inherits if none of your chosen beneficiaries outlive yourself.
Pecuniary LegacyThis is when you leave an exact sum of money to us. It’s known as a pecuniary gift.
Specific LegacyYou are welcome to leave any named item to whom you desire: this being everything from a car to antique jewellery to railway memorabilia. Giving as much detail of the item as possible will help your executors ensure the correct item is donated to the correct company.
A Gift In TrustYou may choose to leave all or part of your estate in a discretionary trust, which would allow the chosen trustees to allocate the estate flexibly between a number of beneficiaries, which can include individuals and/or charities, or a combination of both. Further you can leave a gift to someone to use over a period of time. When the time has ended, the gift can be passed on to other recipients, such as a charity.
Contingency LegacyLegacies 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 in your Will die before you do.
Reversionary LegacyThese are gifts which someone can benefit from in their lifetime, before they are passed on. For instance, your house could be left for the use of a relative, but when they die it is then passed on to someone else, or to a charity.
Financial BenefitsLeaving Legacies to charities can help reduce Inheritance Tax. The direct legacy is exempt from this, and the whole donation is removed from the final value of your estate before taxation is applied. This can be a useful way to reduce or avoid the payment of Inheritance Tax on some or all of your estate. If more than 10% of your estate is left to charity, then a lower tax band is applied to the remaining estate.
Gifts In MemoryDonating in memory of someone special can be a positive way to celebrate their life, while also helping to raise vital funds for the NSRC. Many families choose to ask for donations in lieu of flowers at a funeral. It can be a great comfort to remember a loved one in this meaningful way. Donations like these not only honour the life of a loved one, but also make a real difference in helping to preserve the Railway for future generations.