Immortality is not something that any of us are blessed with but the precious gems in our collection need to be passed onto future generations to demonstrate the transport of yesteryear.
Bequests are an important source of income for many charities in the UK and help them to continue funding their various activities. Money left to a charity is exempt from inheritanace tax.
A valid Will is the only guaranteed way for your wishes to be carried out and for your legacy to reach the Trust. Of course a legacy of any kind or size will benefit the work of the Trust and will be put to good use. There are two types of bequest you can specify in your will. A "pecuniary bequest" is a fixed amount of money stated in your will, but perhaps the most beneficial is a "residuary bequest." This means that, once you have provided for your family, loved ones and friends, you leave the remainder, or residue, of your estate or a share of it to your favourite charities, amongst which we hope the Lancastrian Transport Trust will be found.
How to make a
will
Making a Will isn’t complicated and should cost you less than £100.
1. First, appoint a professional
adviser - usually a solicitor or bank.
2. Next, work out how much you have to leave, including the total sum
of your property, money and possessions, less any outstanding
mortgages or loans.
3. Decide who you want to benefit from your Will: for example, your
family, friends and favourite charities or good causes.
4. Choose executors to make sure your wishes are carried out. These
can be professional advisers, friends or family members – or one of
each.
5. Finally, keep your Will safe and make sure your executors know
where to find it. Give one copy to your solicitor or bank.
If you wish to make a bequest to the Trust you can of course use your own solicitor or bank. If you genuinely need help in finding a Solicitor then we may be able to help.
It’s vital to review your Will at intervals to ensure it still reflects your wishes and circumstances. For instance, if you move house or get married, or someone mentioned in your Will dies, you may need to change it. Speak to your solicitor or bank about the simplest way to revise your Will quickly and cost-effectively.
A tailor made
bequest
Suggested Legacy wording to take to your solicitor:
"I bequeath to the Lancastrian Transport Trust, registered address Apartment 11, Admiral Heights, 164 Queens Promenade, Blackpool, FY2 9GJ, Registered Charity Number 1080404, the sum of £ _______ (for a pecuniary bequest),
or: the residue of my estate (for a residuary bequest) to be used by the Trust at its discretion."
Bus/Tram specific add:
"for or towards the purposes of the Trust’s tramcar / bus
(delete as appropriate) preservation projects."
Project specific add:
"for or towards the restoration and upkeep of ___________________
(Vehicle). If you have a particular project in mind, then include this
as a second sentence, but do check first with the Trust that the
purpose can be accommodated."
Inheritance Tax
If your estate is worth more than £263,000 (Tax Year 2004-5), then
inheritance tax must be paid out on the excess before the people to
whom you wish to leave money can benefit. Inheritance tax is currently
set at 40 per cent (Tax Year 2004-5).
That means the taxman takes £14,800 from an estate of £300,000. Money left to a charity however, is exempt from tax.
Projects that
will need your help
The restoration and upkeep
of our preserved bus and tram fleet is an expensive business. A recent
example is Coronation tramcar No. 304 that has cost almost £55,000 to
complete and absorbed many man-hours of volunteer time. We have
several major restoration projects where a legacy could assist with
funding.
On the buses these include Blackpool centre-loader No.246, Lytham No.61 and Ribble 2687. Tram projects include Standard car 143, Brush Railcoach 287 and the illuminated Rocket – not to mention other trams we are hoping to acquire in the future from Blackpool Transport to create a restored ‘museum’ fleet that represents the evolution of the Blackpool tram.
Require further
information?
Email bequests@ltt.org.uk
or call Philip Higgs on 07880 507636