Legacies Help Safeguard the future of the East Somerset Railway
The day to day income received from passenger fares, our shop and experiences covers the general costs of running the railway but it does not generate the revenue needed to invest in development projects. We are always looking to improve the railway to encourage new and revisiting passengers and projects such as the addition of a second (down) platform, restoration of the carriages, extensions and improvements to the carriage shed and workshops are essential to this ongoing improvement. Leaving a legacy can make a vast difference to us and provide valuable investment for the future.
Why Write a Will?
Your Will is one of the most important documents you will write in your lifetime. With an up to date Will, you can have peace of mind that the people and causes that matter to you have been looked after the way YOU choose. It is the only way to make sure your wishes are followed the way you intend.
A Will makes it much easier for your family and friends to take care of your estate and be sure that they are acting on your wishes. Without a Will, the process can be difficult, stressful and time-consuming.
If you have a Will, it can help reduce the amount of inheritance tax that needs to be paid on your estate. Please Click Here for more information on Tax Effective Donations including Inheritance Tax. Without a Will expressing your wishes, your whole estate is classed as, intestate and could end up belonging to the Crown or government. It is therefore very important that you have an up to date and professionally written Will that truly reflects your wishes. If you do not have a Will, making one is your first step to leaving a legacy to the East Somerset Railway.
If you have already made a Will, it is a simple process to amend it to include a legacy to the East Somerset Railway. Depending on the significance of the changes you would like to make to your existing Will, it may be possible to use a codicil to make your amendments. A solicitor can advise on the best course of action. It is important to keep your Will up to date. Changing circumstances could make a Will invalid so you may like to check your Will regularly after it has been made to ensure it still reflects your wishes.
The Different Types off Legacy You Can Leave in Your Will
You can choose to leave any of the following types of legacy gift in your Will to The East Somerset Railway:
A Share of Your Estate
Once you have taken care of your family and friends, you can leave a share or remainder of your estate to us. This called a Residuary Gift. If you would like to leave The East Somerset Railway a Residuary Gift you could use the suggested wording, "I give all OR ()% of the residue of my estate to the East Somerset Railway (Registered Charity No.271589) of Cranmore Railway Station, Cranmore, Shepton Mallet, Somerset BA4 4QP, for its general purposes absolutely and the receipt of its Treasurer or other proper Officer shall be a full and sufficient discharge to my executors."
A Gift of Money in Your Will
You can choose to leave us a specific amount of money, outlined in your Will. This called a Pecuniary Gift. If you would like to leave a Pecuniary Gift to The East Somerset Railway, you could use the following suggested wording, "I give free of tax the sum of £___ to the East Somerset Railway (Registered Charity No. 271589) of Cranmore Railway Station, Cranmore, Shepton Mallet, Somerset, BA4 4QP for its general purposes and the receipt of its Treasurer or other proper Officer shall be a full and sufficient discharge to my executors".
A Reversionary Gift in Your Will
If you are setting up a trust for someone to use over a period of time (such as their lifetime), the gift can then be passed on to other recipients (such as a Charity) when the time has ended. This is known as a "life interest". A Reversionary Gift will leave your estate to your dependants while they are living and it will revert to East Somerset Railway after they pass away. We recommend you discuss this further with a solicitor as it is important that the wording is correct.
If you would like your legacy donation to be used in a certain way or for a particular kind of project, you can outline this wish when making your Will. Please phrase this as a request rather than a condition to the legacy, as if circumstances change on a project, we may not be able to receive your legacy gift. We would encourage you to consider leaving a gift without any restriction, as it will allow the East Somerset Railway to use your generous gift in the manner that would benefit the railway the most at that time.
The East Somerset Railway is extremely grateful for every legacy, gift or donation we receive. If you would like to discuss leaving a legacy to the East Somerset Railway then please do not hesitate to contact us where we will put you in touch with the Chairman.