Preserving our heritage for future generations

Fundraising Team Vision Trustees History of the SVR Privacy Policy Our Vehicles Downloads Contact Us
FAQs
As an individual Corporate Partnership Grant Funding Donate Online
Discounted Will writing service Drafting a Will Changing an existing Will Putting Your Affairs in Order Inheritance Tax Planning Power of Attorney
News archive Events
Heritage Skills Training Academy Bridgnorth Development Project Endowment Future Fund Hagley Hall Carriage Restoration Diesel Depot Permanent Way
Falling Sands Viaduct ☰
Home About Us Fundraising Team Vision Trustees History of the SVR Privacy Policy Our Vehicles Downloads Contact Us FAQs How to support us As an individual Corporate Partnership Grant Funding Donate Online Donate Online Gifts in Wills Discounted Will writing service Organisations who support us Drafting a Will Changing an existing Will Putting Your Affairs in Order Inheritance Tax Planning Power of Attorney News News archive Events What we fund Heritage Skills Training Academy Bridgnorth Development Project Hagley Hall News Endowment Future Fund Hagley Hall Worcester Race Day 2018 Carriage Restoration Worcester Race Day 2017 Diesel Depot Worcester Race Day 2016 Permanent Way Flying Scotsman Visit 2016 Worcester Race Day 2015 The LNER Carriage Group (LNERCG) Ludlow Race Day 2014 Falling Sands Viaduct Corridor Third No 2300 Open First No 7511 Corridor Third No 12992 52255 Corridor Composite No 24617 Gangwayed Brake, 6-wheeled Coach No 2886 BR 4399 Mk1 Tourist Second Open Regular Gifts Make a donation in memory Corporate Partnership Club Major Gifts Corporate Members Tax-Efficient Giving Carriage Restoration Sponsorship Charity of the Year Matched Giving Payroll Giving Falling Sands Viaduct Progress British Railways Standard, Tourist Second Open No 4690 BR Mk 1 Brake Corridor Second No 35219 BR WR Hawksworth-style First Class sleeping car No 9084 7819 Hinton Manor 24068 43600 7960 70759 Kidderminster Turntable Toad Van British Railway Standard, Tourist Second Open, No 4509 Brake Second Open No 9220 BR Corridor Composite No 16267 BR Corridor Second No 25346 BR Corridor Second No 25498

Putting your affairs in order

Advice from Steve Pitts, a partner at Thursfields, who are Worcestershire-based solicitors. Steve is passionate about the Severn Valley Railway and has joined the SVR Charitable Trust as a fundraising volunteer.

 

Putting your affairs in order can spare family or friends painful decisions and even financial difficulties that could happen if you don't make your wishes clear. Putting your affairs in order may also clear your mind of lots of worries, leaving you free to concentrate on the present. In this article, I am going to deal with the importance of making a Will.

A Will is one of the most important documents most people ever sign yet, surprisingly, more than two-thirds of adults die without a valid Will, causing a great deal of uncertainty at a time of heartache and distress. Making a Will ensures that whatever you have - no matter how much or how little - is divided up according to your wishes. It also safeguards the security of your loved ones and enables you to choose who handles your possessions after your death by acting as your Executor(s).

Making a Will is important because:-

If you die without a valid Will, there are certain rules which dictate how your money, property or posessions will be allocated. This may not be the way that you would have wished for them to be distributed and, if you leave no next of kin, your estate will go to the Crown. Your Executors (who take charge of your estate and wind it up) will also be chosen according to fixed rules and these may not be the most suitable to act.

To avoid these problems, it is important that you make a Will. . .

By making a Will, you can:

  • Appoint someone you know and trust to act as your Executor(s).
  • Nominate guardians for any young children who may be minors at the time of your death.
  • Make specific gifts to relatives, loved ones, friends or favourite charities.
  • Choose exactly what you want done with your property and assets after your death.
  • Express your wishes about your funeral and the disposal of your body.
  • Save your beneficaries from paying unnecessary tax.

Providing for you loved ones is the most important thing to consider when writing a Will; however, once they have been considered, you may wish to leave a gift in your Will to support the work of the Severn Valley Railway. One way of doing this is to include a residuary legacy to the Severn Valley Railway Charitable Trust.

Types of gifts you can leave in your Will:

  • A residuary legacy is a percentage of your estate after everyone else has been provided for.
  • A gift of a fixed sum of money is called a pecuniary legacy. Please note that the value of this type of legacy will decrease over time, as the cost of living increases.
  • A particular named item left as a gift in your Will is known as a specific legacy; for example, property, antiques, jewellery or shares.
  • Legacies made on the basis of another event happening first are called contingent gifts. For example, your Will could state that a gift only applies if all other beneficaries in your Will die before you do.
  • A reversionary legacy is a gift which someone can benefit from in their lifetime. For instance, your house could be left for the use of a relative. When they die, it could pass to someone else, or to a charity.


Financial benefits of leaving a gift in your Will

Inheritance tax is paid if the value of your estate exceeds the threshold set by the government - currently £325,000. Inheritance tax of 40% is paid on the amount that exceeds this threshold. So, out of every £1 over the threshold, your beneficaries will only keep 60p; 40p will go to the government. However, gifts to charities are generally exempt from Inheritance Tax. If you leave a charitable gift, it will be deducted from your estate before Inheritance Tax liability is calculated.

Assessing your estate

Before you draft your Will, you should:

  • List everything that you own - your property, shares, investments, life insurance policies, bank balances, care and all your valuables and possessions.
  • Make a rough calculation of the value of your assets.
  • Decide which people and/or charities you wish to benefit from your estate.

Drafting your Will

It is always best to ask a legal advisor to draft your Will. he or she will know the correct form of words and can avoid ambiguities and misunderstandings. In the meantime, these three basic rules may be helpful:

  • Two adult witnesses must be present when you sign your Will. They must be of sound mind and vision. You must also be present when they sign the Will.
  • You witnesses do not need to know the content of your Will, but you must not use as a witness anyone who themselves, or whose spouse, will benefit from your Will.
  • The Will should set out the arrangements for distributing all your estate. It should appoint between one and four people as executors. It should also dictate who is to receive any residue after the specific sums have been allocated.
Let people know what you have done

It is essential that your executors know their role and where to find your Will, which should obviously be somewhere safe, for example, with your legal advisor or bank. Therefore, it is helpful if you brief your executors about this and also provide them with key contacts in respect of your bank account, insurance, investments, etc.