Leave a legacy
Since its inception, the Academy has benefited from the foresight of legacy donors whose gifts – both large and small – have supported us in our mission to train and nurture outstanding young musicians to the highest level.
By remembering the Academy in your will, you would support the musicians of tomorrow and play your part in shaping the future of music in this country and beyond.
The Academy is reliant on these acts of generosity and donations that are not linked to a specific area of our work enable the Academy to respond quickly to the most urgent needs of our students, their tutors and the environment in which they work.
However, we welcome a variety of gifts and encourage you to discuss your plans with us if you would like to give to a specific area of the Academy’s activities. Scholarships, for example are a wonderful way to provide a lifeline to outstanding and deserving young musicians, at a crucial time in their career.
The right legacy for you
The Academy can accept legacies and bequests of any of the following types:
- Residuary: a residuary legacy is the value remaining once all pecuniary legacies, debts, fees and other charges have been met. You can leave whole or part of the residue to the Academy. The value of a residuary legacy is not affected by inflation.
- Pecuniary: this is a legacy of a specific sum of money. You may want to request that it be linked to inflation in order for it to retain its value over the years.
- Specific: a legacy need not be a sum of money. Instead, you can leave assets such as property, stocks, shares, library collections, artefacts or other valuables. Please do contact us to discuss your plans.
If leaving a gift for scholarships you might also want to express the wish for the bequest to be endowed. In this case, the capital of the bequest would be invested by the Academy to produce an annual income which would then fund an annual scholarship /scholarships for talented young students for years to come. We are still administering scholarships to students which were left in legacies dating back to the 1830s – so any support for scholarships would be part of a long and important tradition. Please do speak with us to discuss the specifics of named scholarships.
Since the Royal Academy of Music is a registered charity (no. 310007), any legacy you make is not subject to Inheritance Tax which means a bequest to the Academy will be deducted from the value of the estate before any tax liability is deducted.
If you have already made a will, or have updated it recently, you can add a legacy or bequest to The Royal Academy of Music by drafting a codicil. The Academy suggests the wording below for a will and codicil but we recommend that you consult a solicitor to ensure that the will or codicil is valid and your wishes will take effect.
Suggested wording for wills and codicils:
"I give (the residue) / (---% of the residue) of my estate absolutely to the Royal Academy of Music (registered charity number 310007) of Marylebone Road, London, NW1 5HT and I direct that the proceeds may be used for the general purposes of the Royal Academy of Music. I further direct that the receipt of the treasurer or other proper officer of the Royal Academy of Music for the time being shall be full and sufficient discharge for the said legacy."
"I give to the Royal Academy of Music (registered charity number 310007) of Marylebone Road, London NW1 5HT, (the sum of £---)/(all my share and interest in--- absolutely) and I direct that such money may be used for general purposes. I further direct that the receipt of the treasurer or other proper officer of the Royal Academy of Music for the time being shall be full and sufficient discharge for the said legacy."
Making plans for a legacy gift is an important decision to make and there are many factors to consider in the process. We always recommend that you take professional legal advice when drafting or updating your will.
A gift in your will is a very personal matter and therefore if you are interested in leaving a legacy, of any kind, to the Academy then we very much invite you to discuss your plans with us in confidence to make sure that your wishes are understood and can be fulfilled. Alternatively, if you have already remembered the Academy in your will then we would also love to hear from you and thank you for your special gift.
Head of Fundraising
020 7873 7334 / J.Witkowski@ram.ac.uk
Bruno MonsaingeonBruno Monsaingeon