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How to remember The Inland Waterways Association in your will
A legacy to The Inland Waterways Association is a legacy that will live on for centuries.
Waterways means many different and memorable things to different people. Images of boldly painted narrow boats ... the imaginative architectural and engineering solutions to the transport problems of the industrial revolution ... the complex network of interconnecting routes ... the lasting friendships through meeting like-minded people ... and the seeming permanence of flights of locks, bridges and the navigation channel itself. The inland waterways are a resource for leisure and enjoyment as well as for transport and industry.
The survival of our rivers and canals must never be taken for granted. From its formation in 1946, The Inland Waterways Association has fought to keep Britain's waterways alive. In the past 50 years more than 400 miles of navigation have been reopened and many more are under active restoration. But some waterways still remain derelict, some are not yet connected to the national network. The coming years will be full of opportunities to which IWA must respond, as a registered charity, what we can achieve will depend almost entirely on voluntary gifts and legacies from our supporters - people who cherish our waterways.
How to make a legacy to The Inland Waterways Association
If you would like to remember The Inland Waterways Association in your will; there are several types of legacy you can consider:
Residuary Legacy - this comes out of the remainder of your estate after all other legacies, debts, tax and expenses have been paid. It may comprise the whole or a share of the residual amount. All legacies are greatly welcomed by IWA, but this type of legacy has special benefits as its value keeps pace with the increase in value of your estate, offsetting the effect of inflation.
Specific Legacy - a gift of a particular item such as a property or shares.
Pecuniary Legacy - a specified cash sum. To ensure the value of your gift reflects your changing circumstances and the effect of inflation, you should review pecuniary legacy amounts regularly.
If you are leaving a legacy to The Inland Waterways Association, it would be very helpful if we could have a note of it. If you would like to do this, please click here for a printable pledge form.
How to make your will
If you haven't already made a will, we would suggest that you use the services of a solicitor or other professional adviser to do so. It need not be expensive and professional advice will ensure that your wishes are properly recorded and followed. Before you see a professional adviser, it may save time to contact them and find out what information you should have with you when you see them.
Making simple changes
It is very easy to amend an existing will to include a legacy to The Inland Waterways Association. Your professional adviser will help you draw up a form called a codicil to do this. If your personal circumstances have changed a new will may be required, or your professional adviser will be able to guide you on this.
Your gift can reduce tax liability
Under current law, when you make a request to a registered charity such as The Inland Waterways Association, the amount of your gift is deducted from the value of your estate before any tax liability is calculated; it is completely free from Inheritance Tax and therefore can reduce the tax liability on your estate. The effect of this is that part of your gift is money that might otherwise go to the Inland Revenue.
What your legacy could achieve
A gift to The Inland Waterways Association can achieve a great deal. Every legacy, whatever its value, is vital and makes a real difference.
• £500 will enable IWA to lobby every Member of Parliament on an important waterways issue.
• £2,000 will pay for a new pump, dumper or barrow hoist for Waterway Recovery Group and other groups to use on restoration projects around the waterway system for many years to come.
• £50,000 enables an historical waterway feature such as a lock or bridge to be restored.
• £100,000 can help to restore a mile of derelict canal for the use and enjoyment of future generations.
Costs do of course vary tremendously; these examples simply give an indication. Legacies intended to fulfil a specific function or benefit a specific location should be discussed with The Inland Waterways Association in advance so that the most appropriate and practical opportunity can be identified. Neil Edwards, Chief Executive or Helen Elliott-Adams, Finance Manager at Head Office, will be very pleased to give help and advice.
Gifts made in your lifetime
Gifts to help the work of The Inland Waterways Association are welcome at any time. A Lifetime gift can be just as tax-efficient as a legacy (depending on your circumstances). If you wish, you can be closely involved in how your money is used ... and see what it has achieved. IWA Head Office would be pleased to assist with advice and suggestions.
The Inland Waterways Association
3 Norfolk Court
Norfolk Road
Rickmansworth
WD3 1LT
Tel: 01923 711114
e-mail: iwa@waterways.org.uk
Charity reg. in England & Wales No. 212342
