A Guide to Making A Bequest to the King's Royal Hussars Museum CIO
Gift in a Will
Nobody likes thinking about making a Will, but you know it makes sense to ensure that those you leave behind are cared for and that your assets are divided as you would prefer. Your Will is also an opportunity to make a valuable gift in the way of a Legacy donation or Bequest to a cause that’s close to your heart in a cost effective way. Most charitable donations in the UK are free from inheritance tax and all you need to do is tell your solicitor or bank, or whoever is drawing up your Will, that you want to make a donation. If you already have a Will, your donation can be added to it as a codicil. You can express your donation as a fixed amount, or as a percentage of your estate.
When you decide on the terms of your Will, please consider including a bequest to the Regimental Museum.
The King’s Royal Hussars Museum CIO – Charity Number 1190086
The RH and 14/20H Museum Trusts have been combined in to one Charitable Incorporated Organisation (CIO); it is known as The King’s Royal Hussars Museum CIO. The CIO is registered with the Charity Commission and has it’s own board of Trustees. The CIO looks after the combined KRH collection, which is housed in the HorsePower Museum, in Peninsula Barracks, Winchester, along with Home Headquarters.
What To Do
Before you consult a solicitor, draw up, in broad terms, how you wish to distribute your estate. This will save you time and money.
A straightforward cash sum (e.g. £1000 ) but remember that a fixed sum will lose some of its value with the passage of time: it is often better to divide your estate into shares or percentages.
A particular item of, say, jewellery, a painting or perhaps your medals and other military memorabilia. Especially useful for the museums and their continued collection, collation and preservation of regimental history.
You may wish to leave a sum of money to your Executor in trust to pay the income to a relative or friend during their lifetime. Once that person (the life tenant) dies, your Executor would distribute the Trust Fund amongst the Residuary Beneficiaries, which could include the Regimental Charity of your choice.
Once the executors have collected all the assets, paid all debts, legacies, funeral expenses and administrative costs, the remaining part of the estate is known as the residue, all or part of the residue may be left to the Charity of your choice.
Any bequest, large or small, will be most gratefully received and put to good use on your behalf. For further information contact The Regimental Secretary.
Most people engage the services of a solicitor when drawing up their Will. The King’s Royal Hussars strongly urges that you do so and that you regularly review the provisions of your Will to ensure that it still meets your requirements. Try to use a solicitor you know or who has been personally recommended. The solicitor will help you to word your Will correctly so that there is no risk of misunderstanding later.