How to Leave a Legacy to the V&A
Types of legacy you can make
If you would like to leave money to the V&A there are two main types of legacy which you might consider. A pecuniary legacy is the gift of a particular sum of money (eg. £1,000) which can be index-linked to maintain its value in line with inflation. A residuary legacy is a share (or all) of the residue of your estate when all other commitments have been settled.
If you would like to leave an object for the Museum’s collections, this is known as a specific legacy. It is always helpful to avoid specifying conditions for display or use because our collecting and display policies are subject to change and specific conditions might result in us being unable to accept your gift.
Suggested wording for your Will
It is extremely simple to leave something in your Will to the V&A. All you need to do is include the following words:
'I give the [sum of / % share of residue of my estate / item specified] to the Board of Trustees of the Victoria and Albert Museum, South Kensington, London, SW7 2RL absolutely for its general charitable purposes. I declare that the receipt of the Director for the time being of the V&A shall be a sufficient discharge to my Executor.'
The V&A is a charity exempt from registration under the terms of the Charities Act (1993) and does not require a charity registration number.
Please note: We strongly recommend that you consult your legal advisor when making of altering your Will. This is especially important for supporters outside England and Wales, where different laws apply.
Currently, inheritance tax is payable at 40% on estates of over £325,000 (tax year 2011-12). Leaving a legacy can be tax-effective as gifts to charities like the V&A are exempt from inheritance tax.
In the March 2011 Budget, the government announced a new incentive to encourage people to leave 10% (or more) of their net estate to charity. From next year, estates which meet the criteria will qualify for a reduction in the rate of any inheritance tax payable from 40% to 36%.
Everyone’s tax situation is different and we always recommend you seek individual advice from your financial or legal advisor.