Why do we need your help? As an independent museum and charity we do not receive public subsidy for our general work and so we depend on grants, legacies and our own income generation, though admissions and our commercial activities. We need legacies to: Maintain our historic buildings. None of them can be sold or mortgaged so they are in our care forever. Save buildings in need of rescue. Support our education and outreach programmes. Enabling us to inform and educate the wider community in the importance of the built environment. How your legacy will be spent All legacies go towards meeting the museum’s charitable purposes, and make a lasting impact on the care and maintenance of the Museum’s collection, and on its wide range of educational activities. Can I choose what my legacy is spent on? Yes you can. We welcome legacies that can be used for general funds to enable us to meet our most urgent needs, however we are also very happy to accept gifts for a particular use. That means you can choose where and what your money is spent on, a favourite building perhaps, or an area of special significance to you or your family. How does Avoncroft Museum record and acknowledge legacy gifts? We are always extremely grateful to receive legacy gifts. Unless there has been a request made for anonymity, all legacy gifts of over £1,000 are recorded and acknowledged in Avoncroft Museum’s Annual Report and Accounts. We are able to acknowledge gifts over £10,000 at the Museum by request. How do I leave a gift? A Residuary Legacy – This allows you to leave all or a percentage of your estate after all other bequests have been made and costs paid. This type of legacy is the most beneficial to charities as it helps to safeguard the value of your donation. A Pecuniary Legacy – This is a gift of a fixed sum of money. Although this is the simplest type of legacy to administer, the value of the donation may be depleted over time by inflation. All wills should be amended when there is a change of circumstance. A codicil is the simplest and most effective way of adding a new legacy to your will in favour of the Museum. Making a will is a very personal decision and professional legal advice is always to be recommended in these situations. However, here are some examples of wording you could use for the different kinds of bequest: Residuary Legacy “Subject to the payment of debts, funeral and testamentary expenses, I give, free of tax, the whole of my estate not otherwise disposed of, in this my Will, to the Trustees of Avoncroft Museum of Buildings Development Trust Registered Charity No. 241644, for the general purposes of the Trust and declare that the receipt of the Director of Finance of Avoncroft Museum of Historic Buildings shall be full and sufficient discharge.” Pecuniary Legacy “I give to Avoncroft Museum of Buildings Development Trust, Registered Charity No. 241644, for the general purposes of the Avoncroft Museum of Historic Buildings, the sum of £……………… Furthermore, I declare that the receipt of the Director of Finance of Avoncroft Museum of Historic Buildings shall be full and sufficient discharge.” Advice should be taken where residue is split between exempt (e.g. charities) and non-exempt (e.g. relatives) beneficiaries. Can I avoid inheritance tax with a legacy to Avoncroft Museum? The inheritance tax threshold is currently £325,000*. Inheritance tax is presently set at 40%. The only people who can benefit without your estate being liable to inheritance tax are legal spouses and charities. Inheritance tax rates do change so please consult your adviser.
