There are several types of gifts which you can leave in your Will:
- Pecuniary gifts: a specific amount of money
- Residuary gifts: a percentage of your residuary estate (what’s left after you’ve looked after your loved ones, other specific gifts, costs and tax)
- Specific gifts: a specific object, asset, or property
Any kind of gift which you choose to give will make a lasting difference. We recommend seeking professional advice about what kind of donation suits you best.
How to leave a gift
If you would like to leave a gift in your Will to Theatre Royal Wakefield, you will need to include our full name, registered address and charity number:
Wakefield Theatre Trust, Drury Lane, Wakefield, West Yorkshire, WF1 2TE
Registered Charity Number: 503597
Make a note of our charity name, registered address and charity number to give to your professional advisor or Will writer.
We recommend seeking independent professional advice when writing or updating your Will.
If you have already written your Will and would like to leave a gift to the Theatre, you can complete a codicil, a legal document which allows you to make minor changes to your Will, including adding a charity.
Tax and Gifts in Wills
As Theatre Royal Wakefield is a registered charity, any gift which you choose to give the Theatre will be exempt from Inheritance Tax.
In addition to supporting the Theatre, your gift could reduce the inheritance tax liability on your estate. Anyone who leaves a minimum of 10% of their taxable estate to a charity can qualify for a reduced rate of inheritance tax.
We suggest that you seek advice from your financial or legal adviser about the legal and tax implications of charitable gifts in your Will.
You may wish to specify which area of our work you would like your gift to support. If so, we would ask you to please consider expressing this as a non-binding wish.
This will help us continue putting your money to effective use at the Theatre, should the area of work which you have chosen no longer apply.
- Will – A Will is a legal document which details who you want to receive your estate (your money, possessions and assets) after you die.
- Pecuniary gift – a cash gift of a set amount.
- Estate – everything you own at your time of death, including physical assets such as your house, and non-physical, such as investments.
- Legacy – a gift or donation which you leave in your Will.
- Letter of wishes – a non-legal binding document which records your intentions for after you die. This might include a suggestion as to how your money is spent.
- Residuary Estate – the amount to be given out to the beneficiaries named in your Will after expenses, pecuniary gifts and tax have been covered.
- Asset – part of your Estate with financial value.
- Codicil – a legal document making minor changes or additions to your will.
- Non-binding wish – enables the charity to choose whether to follow your wish if the area of work has changed by the time of your death and the wish no longer applies in the same way.
It is completely up to you whether you would like to tell us if you choose to include Theatre Royal Wakefield in your Will.
We are always pleased to hear from our supporters and discuss how we might thank you and how you would like your gift to be recognised.
Any information you do choose to share will be confidential and is not legally binding.
If you would like to discuss the possibility of leaving a gift in your Will, in the strictest confidence, please contact Grace Revill, Development & Events Officer.