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Guide to Wills and Legacies

Guide to Wills and Legacies

Helping the Chinnor and Princes Risborough Railway to survive and prosper:


Introduction from the Chairman – Danny Woodward

The Chinnor and Princes Risborough Railway is unique. It runs through a beautiful part of the Chilterns with rolling stock from a cross section of railway eras and it focuses on being a quintessential Great Western Railway branch line.

The volunteers who run it are dedicated to restoring and maintaining the locomotives, carriages, wagons, buildings, signalling and track so that the railway can continue to run trains and to grow for future generations to enjoy. Our volunteers give their time and effort freely so that you and many, many others can enjoy re-living, or experiencing for the first time, a heritage railway in all its glory.

In addition to all the time and effort put in by the volunteers the other key element is finance. Whilst the income from membership fees and from ticket, souvenir and catering sales covers a proportion of the day-to-day running costs, the railway still has to find considerable funds from other sources in order to continue operations and build for the future.

It takes hard cash to continue to be able to look after railway stock and infrastructure that is often 60 or more years old and to nurture and expand the railway for future generations – so it’s still there for our grandchildren and their children to enjoy.

I would invite you to consider one way of helping to ensure that future generations can enjoy this lovely railway by providing for a legacy to the railway in your Will. Your legacy will help ensure that the railway lives on long after each of us.

So, if you have enjoyed the Chinnor and Princes Risborough Railway please read on to see how your legacy can help ensure the future survival and success of this great wonderful railway.

Writing your will

A professionally drafted Will avoids any confusion about your wishes and is your only way to secure the future of the people and causes you care about. This guide is no substitute for seeking professional advice, but will help you to clarify your wishes in preparation for your visit to a solicitor. But firstly here's some frequently asked questions that may help:

If I die without a Will, what will happen to all my belongings?
If you die without leaving a Will, your belongings (or estate) will not necessarily go where you want. Without a Will UK law will specify who gets what parts of your estate, which may even end up going to the government. If you want to provide for your loved ones, and relieve their anxiety when they are settling your affairs, you need to make sure you have an up to date Will.

How often do I need to review my Will?
You need to review your Will at least every two years so it takes into account any changes in your life. For example you may have just become a grandparent or recently retired or you may now be on your own, or perhaps the value of your house has increased since your last will resulting in a change to the value of your estate.

Do I have to write a new Will every time I make a change?
For smaller changes to an existing will it is not always necessary to rewrite your Will. Usually a simple statement, called a codicil, is all that is needed. For more complex changes, however, it is best to make a new Will and revoke your old one to avoid confusion.

Can I write my own Will?
We recommend you go to a professional to write you’re Will so there is less chance of it being contested.

Do I need to pay inheritance tax?
Depending on the value of your possessions you may be liable for inheritance tax; gifts to charities (such as the CPRRA) are exempt from inheritance tax, so by including a gift to charity you could avoid it. There are also a number of other legal legitimate ways to mitigate inheritance tax, which your financial advisor can assist you with if appropriate.

How do I specify the different gifts I want to make?
There are three main types of legacy:

1. Specific legacy – a gift of a specific item such as property, jewellery or other valuables.
2. Pecuniary legacy – a gift of a specific amount.
3. Residuary legacy - the remainder of your estate - that is the rest of your property, possessions and money after any specific and pecuniary legacies have been made and after any taxes, debts or bills have been paid.

Sample wording to give to your legal advisor:
Pecuniary bequest - I give to the CRRRA a registered charity, company number 2644128 the sum of £.... (FREE of all taxes) for its charitable purposes, and I declare that the receipt of the Treasurer or authorised office will be sufficient discharge to my executor(s).

Residuary bequest - I give my residuary estate to the CPRRA a registered charity, company number 2644128 for its charitable purposes and I declare that the receipt of the Treasurer or other authorised officer will be sufficient discharge to my executor(s).

The financial benefits of leaving a gift in your will

Any gift, large or modest will help the Chinnor and Princes Risborough Railway Association (The railway). HMRC rules allow any gift you make to a 'qualifying charity' such as the CPRRA, during your lifetime or in your will to be exempt from inheritance tax. A gift to the CPRRA could in some circumstances help reduce the inheritance tax on your estate (the total value of all property and assets less liabilities).

Of course everyone’s financial situation is different and it is recommended that you consult a solicitor about your personal circumstances. Further information is also available from www.hmrc.gov.uk/inheritancetax

Finally, why your support is so important in our work

For the Chinnor and Princes Risborough Railway to both survive and expand we need additional funds, simply running a tourist attraction will never provide these funds! By including the CPRRA in your will or legacy you will ensure the future existence of the railway as a heritage attraction to be enjoyed by all.

If you are considering leaving a legacy to the CPRRA, we would like to very much thank you for your support.

Or if you would prefer to leave a small-donation right now, then please see below:

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