One way that you can help and support the development and operation of LMS 10000 is through a legacy. When making or updating your will, you can chose to make a gift to the Ivatt Diesel Re-creation Society (IDRS), a registered charity.
There are two main forms of gift that you can make to IDRS by directions in your will. You can donate funds, either for general purposes or for a specific purpose; and you can donate relevant objects, with the intent that those items can be sold to give income to support the charity.
If you donate funds to the charity, we recommend that you donate them for the general purposes of the trust. You can designate a donation to be used for a particular purpose, however there is a risk that purpose may no longer be relevant by the time your legacy is enacted, and so the value of your gift is restricted. Therefore we recommend a legacy gift to the charity is unrestricted, to allow the funds to be spent where the need is greatest at that time.
Donating objects can be of benefit both to the charity and to your family and friends. We know that in some cases collections of books, models, and other railway-related ephemera are actually a worry to others, being unsure of how to handle them. If donated to the charity, we have the knowledge to assess the value of relevant objects and ensure they are sold appropriately to give the maximum benefit.
When you construct your will and consider beneficiaries, you will consider different types of gift. A pecuniary gift is a fixed sum of money; a specific gift is an object or group of objects, and a residuary gift is a share of the residual value of your estate once all debts are settled and other gifts made. Any of these types of gift are appropriate gifts for the IDRS.
As the IDRS is a registered charity, any gifts bequeathed in wills are free from Inheritance Tax. The donation is taken off the value of your estate before inheritance tax is calculated. An additional benefit can be that if your total donations to charity are at least 10% of your net estate, the rate at which inheritance tax is levied on the remainder of the estate is reduced.
We cannot give you specific advice on the preparation of your will and any tax implications. You should seek professional advice as appropriate.
If you do decide to include IDRS as a beneficiary of your will, and you feel comfortable to share your intentions with us, then we would greatly appreciate the chance to thank you for your planned gifts. Please contact the Secretary of the Ivatt Diesel Re-creation Society at IDRS, 46 Biddick Village Centre, Washington, NE38 7NP or via info@LMS10000.co.uk