A Gift in your Will
The Wallace Collection was founded by a gift in a Will. Continue the legacy by leaving one in yours.
In 1897 Lady Wallace followed Sir Richard Wallace’s wishes and bequeathed his collection to the nation in her Will, establishing the greatest gift ever left to the country. It is thanks to the generosity of Lady Wallace and the legacy she made that the Wallace Collection is here for us to share and enjoy today.
Continue reading to find out more or download our legacy brochure
There are three types of gift you can leave in your Will:
The remainder or a portion of your estate after other specific gifts have been distributed.
A fixed sum of money specified by you in your Will. (Note: speak to your Solicitor about making this sum index-linked to safeguard the gift against inflation.)
A gift of specific personal possessions such as property, land or shares. The Wallace Collection cannot accept gifts of works of art into the Collection.
Please get in touch if you have left a gift to the Wallace Collection in your Will or are considering doing so. Prior knowledge of such gifts helps us ensure that we can fund projects which reflect your interests and acknowledge your gift in the most appropriate way.
You may find the following suggestions for wording useful when preparing your Will:
“ I give to the Wallace Collection, Hertford House, Manchester Square, London W1U 3BN… [sum of / item specified / residue of my estate/. This gift may be used for general purposes. OR It is my wish that this gift be used to support “specific project or other specific purpose”.
“ I declare that the receipt of the Director or other proper officer for the time being shall be a sufficient discharge to my executors”.
Please note that if you have already made a Will, you do not have to rewrite it to include a gift to the Wallace Collection. You can simply add a codicil to your existing Will to include additional gifts.
Whilst it is very simple to leave something in your Will, we recommend that you consult your solicitor or professional advisor when drawing one up for the first time or changing an existing Will.
Charity Status and Tax Efficient Giving
The Wallace Collection is an exempt charity. Gifts to charities are exempt from Inheritance Tax, this means a bequest to the Wallace Collection will be deducted from the value of the estate before any tax liability is calculated.
In addition, if you leave a legacy to the Wallace Collection out of an estate that is subject to Inheritance Tax (excess over £325,000 in 2018/19) of 10% or more of the estate, your donation will reduce your Inheritance Tax to 36% instead of 40%.
Everyone's tax situation is different and we would advise that you discuss your plans with a solicitor or tax advisor.
Mr Stanley Gordon Clarke
In the summer of 2016 the Wallace Collection was unexpectedly contacted by the executors of Mr Stanley Gordon Clarke’s estate. As with many of our legacy donations, the Wallace Collection unfortunately had no indication of Mr Gordon Clarke’s enjoyment or affection for the museum in his lifetime. From the outset we were unaware of the nature or size of Mr Gordon Clarke’s legacy bequest, but as with all legacy donors, we were keen to arrange a meeting to discuss Mr Gordon Clarke’s motivation for donating and interest in the museum.
At the meeting we were advised by the executors that Mr Gordon Clarke’s legacy donation was a sum total of £440,000. Astonished and touched by Mr Gordon Clarke’s generous donation we enjoyed learning more from the executors about Stanley and his quiet enthusiasm for the museum. One of the executors, a great friend of Stanley’s, informed us that his great passion was furniture and that he had been visitor to the museum his whole life. Together we discussed appropriate ways to acknowledge his generosity, and in particular to highlight his interest in furniture.
With the approval of the executors, Mr Gordon Clarke’s donation was split between a sizeable endowment donation, which provides future security for the museum, and an amount to be used on immediate costs towards research and conservation in the field of eighteenth-century furniture. His support is immortalised in his appearance in the opening pages of Gilded Interiors: Parisian Luxury and the Antique and his generosity to the endowment will be acknowledged in perpetuity.
Get in Touch
We are very happy to discuss how a gift in your Will would benefit the Collection and how we can best acknowledge your gift. Please contact the Development Office on 020 7563 9569 or by email email@example.com.