|Leaving a legacy|
The restoration of the Wilts & Berks Canal is one of the most difficult and exciting canal restoration projects ever. The sections of the canal that we have worked on so far have already shown the enormous benefits to the community and to the environment of the restored canal. With over 60 miles of canal to bring back to life as a resource for generations to come we will need funding and support for many years. As a registered charity what we can achieve depends largely on voluntary gifts and legacies from our supporters.
Types of Legacy
If you would like to remember the Wilts & Berks Canal Trust in your will, there are several types of legacy that you can consider:
Residuary Legacy – this comes out of the remainder of your estate after all other legacies, debts, taxes and expenses have been paid. It may be the whole or simply a part of the residual amount. All legacies are of enormous value to WBCT but this type of legacy has special benefits in that it keeps pace with the increase in the value of your estate, offsetting the effects of inflation.
Specific Legacy – a gift of a particular item such as a piece of land, property or shares.
Pecuniary Legacy – a specified sum of money. To ensure that the value of your gifts reflects your changing circumstances and the effects of inflation, you should review the amounts of your pecuniary legacies regularly.
Making Your Will
How to make your Will
If you have not already made your Will, we suggest that you use the services of a Solicitor or other professional adviser to help you do so. It need not be expensive, and professional advice will ensure that your wishes are properly recorded and followed. Before you see a professional adviser, it may save time if you contact them and find out what information you should have with you when you see them.
Making Changes to your current Will
It is very easy to amend an existing Will to include a legacy to the Wilts & Berks Canal Trust. Your professional adviser will help you draw up a form called a codicil to do this. If your personal circumstances have changed significantly a new Will may be required; your professional adviser will be able to guide you on this.
Reducing Tax Liability
Under current legislation, when you make a bequest to a registered charity such as the Wilts & Berks Canal Trust the amount of your gift is deducted from the value of your estate before any tax liability is calculated; it is completely free from Inheritance Tax and can therefore reduce the total tax liability on your estate. The effect of this is that part of your gift to the Wilts & Berks is money that would otherwise go to HM Revenue and Customs in the form of tax.
What your Legacy could achieve
A gift to the Wilts & Berks Canal Trust can achieve a great deal. Every legacy, whatever its value, is welcome, and makes a real difference to what we can do, and how quickly.
£500 will pay for a bench alongside the canal, so that people can enjoy the beauty of the waterside.
£2,000 will pay for a new pump, dumper or barrow hoist for WBCT volunteers to use on restoration projects along the canal for many years to come.
£10,000 will fund the cost of one of the many feasibility or environmental studies that we have to carry out as a vital precursor to starting any physical activity of restoration.
£75,000 enables an historic waterway feature such as a lock or bridge to be restored.
£150,000 can help to restore a mile of derelict canal as a living waterway for the use and enjoyment of future generations.
Commemorating Your Bequest
As new structures are built or old ones repaired, particularly where they do not have historic names, a bequest covering the construction cost could be recognised in the form of the structure being given a name suggested by the benefactor, with the name displayed for example on a lock or bridge. This would in time appear on definitive maps that will be produced by the Trust / Navigation Authority.
Leave a Legacy
If you are leaving a legacy to the Trust it would be very helpful if we could have a note of it, without of course putting you under any obligation. If you would like to do this, please make use of the attached pledge form.