Legacies
Leaving a Legacy to The Stables
Attending, participating and appreciating music in all its forms has a huge impact on the lives of many people. For many regular concert audiences and musicians whose lives have been enhanced by the power of music, making a bequest (a planned gift) to The Stables provides a lasting tribute. As The Stables is run by a registered charity (number: 261645), leaving a Legacy is not only a way of supporting The Stables and its education programme for generations to come but also helps reduce inheritance tax. Any bequest made to The Stables is deducted from the value of the estate before tax liability is calculated.
Legacy bequests received through Wavendon Allmusic Plan Limited can directly support one of two designated funds. The first supports The Stables present and future Capital needs ensuring our unique venue is maintained and enhanced for future generations and the second supports The Stables innovative Artistic and Educational Projects. If a gift arrives without a clear instruction as to which designated fund is to be supported the decision will be made by Wavendon Allmusic Plan Trustees according to priorities prevailing at the time.
If you wish to consider leaving a legacy in a new Will please find further information below about the different types of legacy.
If you have already made a Will, the simplest way to add an instruction regarding an additional beneficiary is to complete a Codicil (an addition to a Will). A Codicil contains supplementary instructions, and is drawn up and witnessed in exactly the same way as a Will, preventing you having to have a fresh Will re-drafted.
Whether it is as part of a new Will or in a short codicil to an existing Will, it is straightforward to remember The Stables with a legacy from your estate.
Different types of Legacy
Below are the five principal forms of legacy and tax relief is available for a gift to a charity for each:
1. A residuary gift
A residuary legacy enables you to give whatever remains of your estate after all bequests, debts and fees are met. You might choose to leave the whole or part of the residue to a particular beneficiary. A gift of this nature is not eroded by inflation.
2. A pecuniary gift
A pecuniary legacy is perhaps the most straightforward way of giving a bequest as you leave a specified sum of money to the named beneficiary. You can either specify that the value of the gift remains constant, or you can guard against inflation by instruction to your executors that the gift should be indexed linked.
3. A specific (non-money) gift
This form of legacy allows you to leave particular items or assets to the named beneficiary, which are not in the form of money. These assets might include stocks and shares, property, items of jewellery, works of art or other valuable items. It is important to review this type of will or codicil regularly, because your gift will lapse and fail if the asset is no longer part of your estate on your death.
4. A reversionary gift
This type of legacy allows for your estate, or particular assets, to be passed onto your spouse, children or other named individuals, for their lifetime. On their death the whole or a portion of these assets revert to the beneficiary of the reversionary legacy.
5. A contingent bequest
A gift in your will that depends on the occurrence of an event which may or may not happen is known legally as a contingent bequest. An example is a bequest to a charity which applies only if the other beneficiaries named in the Will die before the testator (person who made the Will).
EXAMPLES OF WORDING
Residuary bequest (a proportion)
I give (%) of the residue of my real and personal estate which I can dispose of by Will in any manner I think proper to Wavendon Allmusic Plan Limited (Registered Charity No: 261645) of Stockwell Lane, Wavendon, Milton Keynes, MK17 8LU and the receipt of the Honorary Treasurer or the proper officer for the time being of Wavendon Allmusic Plan Limited shall be a complete discharge to my Executors. Pecuniary bequest (a set sum)
I give the sum of ...... pounds to Wavendon Allmusic Plan Limited (Registered Charity No. 261645) of Stockwell Lane, Wavendon, Milton Keynes MK17 8LU and the receipt of the Honorary Treasurer or other proper officer for the time being of Wavendon Allmusic Plan Limited shall be a complete discharge to my Executors.
It is important to ensure that the following clause is inserted, whichever wording you need to use:
If at my death any charity named as a beneficiary in this Will or any Codicil hereto has changed its name or amalgamated with or transferred its assets to another body then my Executors shall give effect to any gift made to such charity as if it had been made (in the first case) to the body in its changed name or (in the second place) to the body which results from such amalgamation or to which such transfer has been made.
Please also remember to use our full name Wavendon Allmusic Plan Limited and the correct address and charity number:-
Stockwell Lane
Wavendon
Milton Keynes
MK17 8LU
Registered Charity Number: 261645
These are some examples of the ways in which assets can be left to The Stables, however, in all cases we recommend you consult your solicitor or other legal advisor. For further details, please contact our Development Office on: 01908 280815
By including us in your will, whatever the value of the gift, you will be supporting the future advancement of The Stables.
Acknowledging Your Support
You have the option to specify your preference for which designated fund to support and in either case by leaving a legacy to The Stables you will be helping to ensure that future generations can participate and enjoy music at Wavendon. The Stables gratefully acknowledges the support of legacy gifts in a variety of ways depending on the nature of the gift. Legacy Donors can be acknowledged on the back of auditorium seats, on supporter boards or in exceptional cases having their name or someone close to them associated with a specific area of the Stables building or aspect of our activities.
