Legacy Guide
If you are considering leaving the Royal Albert Memorial Museum Development Trust a gift in your will there are five different types of gift that you can make:
1. A residuary legacy
This is the gift of the remainder of your estate, or a percentage of the remainder, after all other gifts to family and friends have been distributed and all debts and expenses paid. Even a small percentage of the residue could benefit the Museum. Our suggested wording is:
‘I give %/all (please specify) of my residuary estate to the Trustees of the Royal Albert Memorial Museum Development Trust (charity number 1038570) for its general purposes and I declare that the receipt of the Director or other authorised officer of the Museum shall be a sufficient discharge to my Executor/s.’
2. A pecuniary legacy
This is the gift of a specific sum of money. Our suggested wording is: ‘I give the sum of £ (the exact sum you want to leave to the Museum) to the Trustees of the Royal Albert Memorial Museum Development Trust, Queen Street, Exeter,EX4 3RX, (charity number 1038570) for its general purposes and I declare that the receipt of the Director or other authorised officer of the Museum shall be sufficient discharge to my Executor/s.’ When making a pecuniary legacy, you have the option of making sure that the amount increases with inflation; this is know known as index linking. Please contact us for suggested wording.
3. A specific legacy
This is the gift of a specific asset such as land, property or stocks and shares rather than a monetary sum. Our suggested wording is: ‘I give (detailed description of specific item) to the Trustees of the Royal Albert Memorial Museum Development Trust, Queen Street, Exeter,EX4 3RX, (charity number 1038570) for its general charitable purposes and I declare that the receipt of the Director or other authorised officer of the Museum shall be sufficient discharge to my Executor/s.’ If you are considering leaving a specific item to be added to the Museum’s collections, it is very important that you contact us directly so our curators can ensure we will be able to meet your wishes.
4. A reversionary legacy
This means that you can leave assets to be used by a named beneficiary during their lifetime (usually a spouse), after which time they pass to the Royal Albert Memorial Museum Development Trust.
5. A conditional legacy
This would name the Royal Albert Memorial Museum Development Trust as a beneficiary should any or all of your other named beneficiaries die before you.
Codicil
If you have already made a will, you can add a gift to the Museum by drafting a codicil.
If you need any further information, please contact Margi Jervoise on margi@jervoise.com or 01392 665963.
Your will is one of the most important documents you will ever make so the Royal Albert Memorial Museum Development Trust recommends that you seek the advice of a solicitor.
RAMM Development Trust, Registered Charity No. 1038570.
