What kind of legacy or bequest can I leave?

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.