Bequests - caring for tomorrow

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 11 Admiral Heights, 164 Queens Promenade, Blackpool, FY2 9GJ, Registered Charity Number 1080404, the sum of £ _______ (for a pecuniary bequest - or see other options below)

Residue of Estate

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

The Inheritance Tax threshold (or 'nil rate band') is the amount up to which an estate will have no Inheritance Tax to pay. If the estate - including any assets held in trust and gifts made within seven years of death - is more than the threshold, Inheritance Tax will be due at 40% on the amount over the nil rate band. The threshold (2012) is currently £325,000.

If your estate is worth more than £325,000 (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. Money left to a charity however, is exempt from tax.

Require further information?
Email philip@ltt.org.uk or call Philip Higgs on 07880 507636