Legacy Funding – leaving a gift in your Will
We need everybody’s help for your railway to survive and grow. Gifts to the Northampton and Lamport Railway by way of legacies will help to secure its future and ensure it endures for future generations to enjoy. You can really help make a difference.
Over the years we have been fortunate in receiving a number of legacies. These have been put to good effect in helping to extend the Railway, developing its’ infrastructure and helping to restore rolling stock. This source of funds is increasingly important to keep pace with the need to finance capital projects both for future growth and preservation of what we have today.
If you would like to assist you can do so by leaving a legacy in your will in favour of:
The Northampton and Lamport Railway Charitable Incorporated Organisation (CIO) (Registered Charity No.1172398), which is the charity that supports the Railway.
As legacies to the charity receive favourable tax treatment, it usually benefits both the Railway and your other beneficiaries if you name the Railway in your will.
There are two kinds of legacies where money is being left to the railway:-
- A Pecuniary Legacy is a gift of a specific amount, for example £1,000.
- A Residuary Legacy is a gift of a share (or even all) of your estate after expenses and other legacies have been paid. Depending upon your circumstances, this is the best way of benefiting the Railway as the value of the legacy will tend to maintain its value in real terms.
As the needs of the Railway are many and varied, and can change from year to year, it is generally preferable not to place restrictions on the use of a legacy, and so we would be grateful to receive them without any specific restrictions. That will allow us to put them to the absolute best use, based on our changing needs from time to time.
Already have a will?
If you already have a will but would like to leave a gift to the Railway then you could consider using a codicil. A codicil is a straightforward document that allows you to make amendments to an existing will instead of completely re-writing it.
If you’re using a will writing service or a solicitor, adding a codicil is usually cheaper than writing a new will. A codicil needs to be signed and witnessed in the same way as a will. It should also be kept with your original will.
Some people decide to leave specific items to the Railway varying from collections of railway books, artefacts or larger items, which may be preserved in our collection or sold for the benefit of the Railway. All such specific legacies are very welcome although, in the case of larger items, we would appreciate the opportunity to discuss in advance your future wishes for them.
Specific legacies of non-railway assets, such as investments or properties, are also gratefully received.
We would like to reassure you that legacies will always be spent on making a tangible improvement to the railway. They will not be spent on day-to-day administration costs.
Nomination of Pension Funds
Many people are taking advantage of the flexible arrangements recently introduced for their personal pension funds.
As it is no longer compulsory to buy an annuity on retirement a pension fund can be dealt with as the person wishes. However, any capital remaining in a pension fund is not currently treated as being part of an estate and neither is it covered by a Will. It is an entirely separate asset which is usually dealt with by a “letter of wishes” or a nomination form.
Because charities such as the Northampton and Lamport Railway CIO are currently exempt from tax, if you have a private pension fund, you might like to consider naming the CIO as its beneficiary.