Making a Will is a simple process provided that you take the correct professional advice.
If you have not already made your Will, we suggest that you use the services of a Solicitor or other professional adviser to help you do so.
It need not be expensive, and professional advice will ensure that your wishes are properly recorded and followed.
Before you see a professional adviser, it may save time if you contact them and find out what information you should have with you when you see them.
Making Changes to your current Will
It is very easy to amend an existing Will to include a legacy to the Cotswold Canals Trust.
Your professional adviser will help you draw up a form called a codicil to do this. If your personal circumstances have changed significantly a new Will may be required; your professional adviser will be able to guide you on this.
Reducing Tax Liability
Under current legislation, when you make a bequest to a registered charity such as the Cotswold Canals Trust the amount of your gift is deducted from the value of your estate before any tax liability is calculated; it is completely free from Inheritance Tax and can therefore reduce the total tax liability on your estate.
The effect of this is that part of your gift to the Cotswold Canals Trust is money that would otherwise go to HM Revenue and Customs in the form of tax.
Commemorating Your Bequest
All bequests will be recorded in the Trust’s quarterly magazine The Trow and on a permanent page on the Trust’s website.
The nature of the restoration means that there will be very few opportunities to name a particular structure on the Cotswold Canals after an individual benefactor.
However, in the case of large bequests, which substantially contribute to the cost of a particular structure, e.g. lock or bridge it will be possible to commemorate the bequest by incorporating an explanatory plaque into the structure.