Lest we forget Lest they forget the Imperial War Museum s Legacy Appeal A GUIDE TO MAKING AND UPDATING YOUR WILL Imperial War Museum london Churchill museum AND Cabinet war rooms hms belfast imperial war museum duxford imperial war museum north
We must not allow future generations to forget the effect war and conflict has on us all. With your help, leaving a legacy to the Imperial War Museum can help to ensure that future generations will not forget the effect war and conflict has on us all. The Museum will use any gift you make carefully, where it is most needed to help us deliver our goals to educate, inspire and inform future generations. This guide provides an overview to making and updating your Will but we do recommend you seek professional help to write your Will. Making your Will There are several things to consider when making a Will including: Value your estate Make a list of all your assets: your home, money in the bank, investments, personal belongings, furniture, jewellery etc. Work out roughly what it is all worth. Deduct any debts or liabilities. It is really important to do this before you get started. Many people are surprised to find out just how much their assets add up to. Decide on your beneficiaries Most people want to provide for family and friends first. Once you have done this you might like to consider leaving a legacy to a charity such as the Imperial War Museum. Work out your Inheritance Tax Once you have worked out the value of your estate, your solicitor can advise you whether it exceeds the threshold at which Inheritance Tax becomes payable and give you tax-planning advice. Including the Imperial War Museum in your Will could help to reduce your estate s liability to Inheritance Tax, as gifts to charity are exempt. Decide what type of gifts you wish to leave A residuary gift is all or a proportion of your estate after taxes, debts and expenses. It can be shared among family, friends and charity in whatever portion you decide. A pecuniary gift is a fixed amount of money. As its value will decrease over time due to inflation, you may want to ask your solicitor about index-linking the gift. Choose your executors An executor is the person who will make sure your wishes are carried out after your death. People usually appoint two executors in case one is unable to act. They can be family members or someone who benefits from your Will. Solicitors and other professional advisers can also act as executors, although they will charge a fee.
Choose your solicitor If you do not already have a solicitor, your family and friends may be able to suggest one or you can contact the Law Society who will be happy to recommend one. Updating your Will Once you have made your Will, you need to keep it up to date. For instance, if you sell a property or wish to include a new grandchild or charity, you will need to amend your Will. In the case of major changes, you may need to make a new Will. However, in most cases, all you will need to do is ask your solicitor to draw up an addition to your existing Will. This is called a codicil and must be executed in the same way. Your solicitor will be able to advise you whether your changed circumstances require a new Will or a codicil. Frequently Asked Questions I have already made my Will. How do I update it? In the case of major changes, you may need to make a new Will. However, in most cases, all you will need to do is ask your solicitor to draw up an addition to your existing Will. I do not have much money to spare. Is it possible to leave a small amount? Many people think that gifts in Wills are huge sums of money but this is not the case. All gifts left to the Imperial War Museum help our work. I would like to leave a personal item. How do I do that? The Museum has seven collecting departments. If you would like to leave us an object or personal item please contact collections@iwm.org.uk in the first instance and they will be able to help you with your enquiry. Can I restrict my legacy to one of the five branches? You can leave a legacy to the Imperial War Museum as a whole or leave your legacy to one of our branches if you prefer and the Museum will do its utmost to honour your wishes. However a legacy to the Imperial War Museum as a whole is most helpful as the Museum can then decide where the need is greatest at the time it receives the bequest.
If I wanted to leave the Museum a legacy, how would I word my bequest? If you wish to leave the rest of your estate, or some fraction of it to the Imperial War Museum, the recommended wording for such a legacy is: I give the residue (or x %) of my estate to the Imperial War Museum of Lambeth Road, London, SE1 6HZ for the general purposes of the Museum. I further direct that the receipt of the Director-General or duly authorised officer of the Imperial War Museum shall be a full and sufficient discharge for the legacy. If you wish to leave a specific sum of money to the Imperial War Museum, the recommended wording for such a legacy is: I give the sum of to the Imperial War Museum of Lambeth Road, London, SE1 6HZ for the general purposes of the Museum. I further direct that the receipt of the Director-General or duly authorised officer of the Imperial War Museum shall be a full and sufficient discharge for the legacy. Do I need to tell the Museum that I have left a legacy? No, it is not necessary, but if you would like to please contact the Development Department. If you choose to tell us we can keep you updated with our work, should you wish. I have decided I would like to leave a legacy. What do I do now? Either contact your solicitor direct, or if you do not have one, you can find one through the Law Society: The Law Society The Law Society s Hall 113 Chancery Lane London WC2A 1PL Tel: 020 7242 1222 Fax: 020 7831 0344 Email: contactcentre@sra.org.uk or visit www.lawsociety.org.uk/ findasolicitor I would like to know more before I decide. Is there someone I can talk to? If you would like to know more about how leaving a legacy will help the work of the Museum, please contact our Development Team who will be very happy to help you. Please phone to arrange a visit to the Museum or to talk through your questions. Imperial War Museum Lambeth Road London SE1 6HZ Telephone: 020 7091 3042 Email: iwmdevelopment@iwm.org.uk Website: www.iwm.org.uk/legacy
Jargon Explained Beneficiary: a person or charity who benefits from your Will. Bequest: a gift you leave in your Will to individuals and/or charities. Codicil: a legal document you can use to change your existing Will. Estate: the total sum of your possessions, property and savings, less any outstanding debts and liabilities. Executors: the people you choose to ensure that the instructions in your Will are carried out. Intestacy: the legal situation that arises if you die without leaving a valid Will. Legatee: a person or charity who receives a gift in your Will, your legacy. Life interest: a gift to a named individual for use in his or her lifetime. Pecuniary legacy: a fixed sum of money you leave as a gift to a person or charity in your Will. Probate: the legal document obtained after death that confirms your Will is valid and gives authority to the executors. Residuary legacy: a gift of the remainder of your estate after all debts and other gifts are made. Reversionary legacy: a gift to a person or charity due to be paid after a life interest has come to an end. Testator: a person who has made a Will.
Department of Development Imperial War Museum Lambeth Road London SE1 6HZ Telephone: 020 7091 3042 Email: iwmdevelopment@iwm.org.uk Website: www.iwm.org.uk/legacy The Imperial War Museum is an exempt charity under The Charities Act 1993