Attending, participating and appreciating theatre in all its forms has a huge impact on the lives of many people.
For many regular theatre goers making a bequest (a planned gift) to Watford Palace Theatre provides a lasting tribute. As Watford Palace Theatre is a registered charity, leaving a Legacy is not only a way of supporting the theatre and its education programme for generations to come but also helps reduce inheritance tax. Any bequest made to Watford Palace Theatre is deducted from the value of the estate before tax liability is calculated.
If you wish to consider leaving a legacy in a new will please find further information about the different types of legacy.
If you have already made a will, the simplest way to add an instruction regarding an additional beneficiary is to complete a Codicil (an addition to a will). A Codicil contains supplementary instructions, and is drawn up and witnessed in exactly the same way as a will, preventing you having to have a fresh will re-drafted.
To download a Codicil form for WPT please click here.
Whether it is as part of a new will or in a short codicil to an existing will, it is straightforward to remember Watford Palace Theatre with a legacy from your estate.
Acknowledging your support
Leaving a legacy to the Palace Theatre will help to ensure that future generations can participate and enjoy theatre in Watford. The theatre gratefully acknowledges the support of legacy gifts. There are a number of ways in which this can be done, depending on the nature of the gift. Legacy Donors can be acknowledged on the back of auditorium seats, on WPT’s major supporter boards or in exceptional cases having their name or someone close to them associated with a specific area of the theatre or aspect of our activities.
If you would like to discuss leaving a legacy to Watford Palace Theatre please contact the Development Department on 01923 810305.
Different types of Legacy
Below are the four principal forms of legacy and tax relief is available for a gift to a charity for each:
- A residuary gift
A residuary legacy enables you to give whatever remains of your estate after all bequests, debts and fees are met. You might choose to leave the whole or part of the residue to a particular beneficiary.
A gift of this nature is not eroded by inflation. - A pecuniary gift
A pecuniary legacy is perhaps the most straightforward way of giving a bequest as you leave a specified sum of money to the named beneficiary. You can either specify that the value of the gift remains constant, or you can guard against inflation by instruction to your executors that the gift should be indexed linked. - A specific (non-money) gift
This form of legacy allows you to leave particular items or assets to the named beneficiary, which are not in the form of money. These assets might include stocks and shares, property, items of jewellery, works of art or other valuable items. It is important to review this type of will or codicil regularly, because your gift will lapse and fail if the asset is no longer part of your estate on your death. - A reversionary gift
This type of legacy allows for your estate, or particular assets, to be passed onto your spouse, children or other named individuals, for their lifetime. On their death the whole or a portion of these assets revert to the beneficiary of the reversionary legacy.
These are some examples of the ways in which assets can be left to the theatre, in all cases we recommend a conversation with one of WPT’s Development Team whose contact details can be found here. You should also consult your solicitor or other legal advisor.
By including us in your will, whatever the value of the bequest, you will instantly become a guardian of the future advancement of Watford Palace Theatre.
