The different ways to leave a legacy
This page outlines the different ways in which you can leave a legacy, along with suggested wording if you are thinking about leaving a gift in your Will to the Incorporated Society of Musicians.
Firstly, the different ways to leave a legacy are:
This is the ‘residue’ of an estate and is what is left over after all of your other bequests, taxes and debts have been paid. A residuary legacy generally gives you the greatest benefit as its value increases alongside the value of your estate.
This is a specific amount of money
This type of legacy relates to a particular item for instance: property, home contents, stocks and shares.
A reversionary legacy covers those occasions when you provide for your spouse or a friend for their lifetime, giving them use of a home or other asset, with capital passing, after their death, to your selected beneficiary.
In Memoriam gifts
In Memoriam gifts are a special way to remember someone who has a special interest or fondness for a particular charity. These gifts may take the form of a dedicated donation or may be given in lieu of flowers at memorial services and funerals. You may also like to express a wish in your own will for loved ones to consider this option for yourself.
Simple alterations or amendments can be easily made by Codicil (a legal document added to your existing Will).
The following is suggested wording which can be used in your will to make a gift to the Incorporated Society of Musicians.
For a residuary legacy
‘I give Incorporated Society of Musicians, London, W1C 1AA ____% of the residue of my estate for general purposes.’
For a pecuniary legacy
‘I give Incorporated Society of Musicians, London, W1C 1AA the sum of £____ for its general purpose.’
For a specific legacy
I give Incorporated Society of Musicians, London, W1C 1AA my _____ for its general purposes.’
For more information about the ISM’s legacy programme, please contact us on the details below.