A gift in your will
You might not have thought of leaving a gift to the Poetry Archive in your will but there are many ways in which you can help secure the future of this Archive for all. In addition, you will be remembered on our Benefactors’ page and so form a tangible part of the Archive itself. A gift of £2,500 adds a new poet to the Archive and can be a wonderful way to give to the project through your will.
You might like to consider one of these two financial gifts to the Archive:
- 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.
Suggested wording for your will
It is extremely simple to leave something in your will to the Poetry Archive. All you need to do is include the following words:
'I give the [sum of / % share of residue of my estate] to the Board of Trustees of the Poetry Archive, PO Box 286, Stroud, Gloucestershire, GL6 1AL, UK absolutely for its general charitable purposes. I declare that the receipt of the Director or Co-Director for the time being of the Poetry Archive shall be a sufficient discharge to my Executor.'
The Poetry Archive is a registered charity number 1093858.
Please note: We strongly recommend that you consult your legal advisor when making or 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 Poetry Archive 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 2014, 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 adviser.
Should you wish to discuss any of this further, please contact us via [email protected].
Thank you for your support.