Giving in your will

There are two main ways of leaving a gift in your will to the Academy:

• Pecuniary: a specific sum of money which can be linked to inflation so that it retains its value over the years.
• Residuary: the value remaining in an estate once all pecuniary legacies, debts and fees have been met.

You may choose to leave assets such as property, stocks, shares, library collections, artefacts or other valuables to the Academy. What we can accept is determined by availability of space and needs of the Academy.

Endowed gifts

Depending on the scale of your bequest, you may wish for it to be endowed. In this case, the capital of the bequest would be invested by the Academy to produce an annual income. In some instances, this income could then be used to fund an annual gift or award.

Please email the Philanthropy team if you would like to explore leaving an endowed bequest to the Academy.

Gifts to the Royal Academy of Music are exempt from Inheritance Tax in the UK.

There is normally no IHT to pay if either:

• The value of your estate is below the £325,000 threshold
• You leave everything above the £325,000 threshold to a charity

The standard Inheritance Tax rate is 40%. It is only charged on the part of your estate that’s above the threshold.

eg your estate is worth £500,000 and your tax-free threshold is £325,000. The Inheritance Tax charged will be 40% of £175,000 (£500,000 minus £325,000).

Reducing IHT

The estate can pay IHT at a reduced rate of 36% on some assets if you leave 10% or more of the ‘net value’ to charity in your will, leaving more funds for your beneficiaries.

Pledging to support the Academy’s ‘general purposes’ allows the Academy to direct your support where it is needed most, and ensures your gift will have the greatest impact.

If you wish to specify which aspect of Academy life is supported by your gift, such as student support or a particular department, please email the Philanthropy team, to ensure the Academy will be able to honour your wishes.

Suggested wording for wills

Making plans for a legacy gift is an important decision 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.

Pecuniary 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.'

Residuary Legacy: '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.'