Leaving a Gift in your Will FAQs
Leaving a Gift in your Will FAQs
Thank you for considering leaving a gift in your Will to the Wallace Collection.
What do I get if I leave a legacy to the Wallace Collection?
Thank you for remembering the Wallace Collection in such a special way. Everyone who makes a personal gift in their Will to the museum will receive the following:
- Supporter’s Magazine twice a year
- Invitation to Director’s annual lecture and drinks reception
- Invitation to exhibition previews
- Recognition on our donor boards (from the moment it was pledged and up to 5 years after the gift is given)
Can I leave a legacy to something specific?
Yes, you can. Whilst we particularly welcome legacies which can be used for general purposes, or build up the Wallace Collection’s endowment, we are also very happy to accept specific gifts.
That means you can direct your gift towards whichever area of the museum you enjoy or wish to support the most – be it learning and education, object conservation, exhibitions, gallery refurbishment, or scholarship.
If you have a specific purpose in mind for how the Collection should use your legacy, it is always extremely helpful for us to discuss this with you to ensure that your wishes can be fulfilled.
Do I need to leave a big sum to make a gift in my Will?
No – Gifts in Wills come in all shapes and sizes and we’re grateful for all gifts received as only 40% of our income comes from the Government. You may decide to leave us a specific amount of money or choose to leave us the remainder of your estate, which can be distributed so that your loved ones are looked after first.
If you make a gift of money (pecuniary legacy) please consider linking it to the index of retail prices (RPI), allowing amounts pledged now to keep their value in line with inflation. Whether you give £1,000, £10,000, or £100,000, your gift will be valuable to the museum.
Can I leave things other than money to the Wallace Collection?
You may leave a specific bequest (a gift of specific personal possessions such as property, land or shares) to the Wallace Collection. However, due to restrictions in the Wallace Collection’s bequest, no objects of art can be added permanently to the collection. Should you wish to leave a work of art to the Wallace Collection it will have to be sold and the proceedings will go to the museum.
Do my relatives and heirs receive any benefits after legacy is left?
When a legacy gift is received, we will meet with your executors to discuss your wishes and ask how involved they wish to be with the Wallace Collection going forward.
What tax benefits do my heirs get?
As we are a charity, a gift to the Collection in your Will is free 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 of 10% or more from an estate that is subject to Inheritance Tax (estates in excess of over £325,000 in 2018/19) your donation will reduce Inheritance Tax on the rest of your estate 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.
How do I leave a legacy?
Whilst it is very simple to leave something in your Will, we recommend that you consult your solicitor or a professional advisor when drawing one up for the first time or changing an existing Will.
We work with the Goodwill Partnership to offer an easy and discounted Will service which enables you to write your Will in the comfort of your home or over the phone. Free home visits are conducted by a trained professional who will pass your instructions to a qualified solicitor to write your Will. Our discounted charity rate for a single Will is £108 +VAT. You may find out more by calling 0844 669 6148 and mentioning the Wallace Collection, or booking an appointment online.
Do you need a copy of my Will?
It is your decision whether to share a copy of your Will with us or not. Knowing that you’ve remembered us in your Will allows us to thank you now and helps us plan for the future. Any information you give us will be kept in strict confidence.
Can I change my mind?
Whether you let us know you plan to leave a gift in your will or not, you are free to change your mind at any time. Should you change your mind, we'd really appreciate you telling us so we can amend our records.
Your Will is personal and we recommend that you review it from time to time to make sure it still accurately reflects your wishes and takes account of recent events in your life.