Leave a legacy to Music for All
How do I leave a legacy to Music for All?
There are 4 simple steps to help you set up your gift.
• Step 1: Draw up your Will
To leave a legacy you need a Will. You can use a solicitor (e.g. the Law Society www.lawsociety.org.uk can help you find a local firm), a professional Will writer (e.g. The Institute of Professional Will Writers, www.ipw.org.uk). Plus many high street banks offer the service.
• Step 2: Consider your assets
Working out your assets and debts will give you an idea of what your estate looks like (e.g. property, cash, savings, shares pension funds, loans, other debts).
• Step 3: Decide who you want to remember
Make a list of who you want to remember and how. If you choose to leave Music for All a legacy, see the next section which will give you information on the specific wording you will need to include.
Step 4: Choose the type of legacy
There are many different kinds of legacies and you will need to decide which is most appropriate for you, see next section.
What are the different types of legacy?
There are many different types of legacy and the one you choose will depend on your circumstances and what type of gift you would like to leave. A legacy to Music for All could be a:
• Residuary Legacy
This is a gift of all of or a part of (percentage of) the remainder of your estate once all other costs have been met. Residuary legacies keep up with inflation and as such are an excellent way of dividing the value of your estate between a number of people and causes that are important to you. If you are considering leaving a legacy to Music for All, a residuary legacy can really help your gift go further.
• Specific Legacy
This is a gift of a specific item that you own. It could include antiques, paintings, jewellery, a piece of land or even your home. It could also include things like musical instruments or even the copyright to a song that you wrote/own.
• Pecuniary Legacy
This is a gift of a specific amount of money. The value of pecuniary legacies can decrease over time, as the cost of living increases.
• Reversionary Legacy or Life Interest
This is a gift that ensures that loved ones are taken care of during their lifetime. For example, where you leave your house to a relative for the remainder of their lifetime on the basis that when they die, it will pass to a charity.
• Contingent Gift
Such legacies are made on the basis of another event happening first. For example an item could be gifted to a son or daughter unless they die before you, in which case it will pass to the charity.