A Guide to Wills and Bequests

A guide to Wills and Bequests

Clearly family and other dependants come first and your will is a key in which you can protect their interests and make sure your assets are shared out in the way you would wish. Therefore, we hope you will give consideration to leaving a legacy to The Company of Watermen for the benefit of the Company. Over the years several Freemen have left legacies to the Company and its Charities and it is through such generosity the all Freemen can enjoy Watermen’s Hall and its possessions now and for future years.

Inclusion of the Company can be either in a new will or by adding as a Codicil.

Five ways to give

The Specific Legacy specifying a particular sum of money or item of value (e.g. Picture)

The Residuary Legacy, specifying a portion of the residue of your estate after expenses and specific legacies have been made.

The Postponed Residuary Legacy i.e. postponed during perhaps years the life of your surviving spouse, taking the form of either a specified amount or a share of their residue.

The Conditional Legacy, where a life policy is taken out on your life and The Company as the beneficiary.

Below are examples of some model wordings for different types of legacies and codicil.

Making a Pledge

When you make a Will or Codicil which includes a legacy to The Company or take out a policy on your life which names The Company as the beneficiary we shall be most grateful if you can let us know by completing and sending the pledge form to the Clerk at Watermen’s Hall.

To download the pledge form just click on the link below

pledge-form

MODEL WORDINGS

A Specific Legacy

I give the following legacy absolutely: –

To The Company of Watermen and Lightermen of the River Thames of Watermen’s Hall, Watermens Hall, 16 St. Mary-at-Hill, London EC3R 8EF (“the Company”) the sum of £……………………………………….

for the general purposes of the Company and with the full power to expend capital as well as income for such purposes and I direct that the receipt of the Company’s Clerk or other authorised officer for the being shall be good and sufficient discharge to my Executers’ and for payment to the Charity.

A Bequest in Kind

I make the following gift absolutely: –

to The Company of Watermen and Lightermen of the River Thames of Watermen’s Hall, Watermens Hall, 16 St. Mary-at-Hill, London EC3R 8EF (“the Company

 

(a clear description of item(s) to be bequeathed).

 

with the full power to realise such asset(s) and to apply the proceeds for the general purposes of the Company, and I direct that the receipt of the Company’s Clerk or other authorised officer for the time being shall be good and sufficient discharge to my Executors for the gift to the Company.

A Residuary Legacy

I devise and bequeath (a percentage) of the residue of my Residuary Estate (as hereinbefore defined) absolutely to The Company of Watermen and Lightermen of the  River Thames  of Watermen’s Hall, Watermens Hall, 18 St. Mary-at-Hill, London EC3R 8EF (“the Company) to be applied for the general purposes of the Company and with full power to expend capital as well as income for such purposes and I direct that the receipt of the Company’s Clerk or other authorised officer for the time being shall be good and sufficient discharge to my Executors for the bequest to the Company.

 

A Codicil Adding a Bequest to an Existing Will

I… (your name) …of (your address) …declare this to be the first (…or second etc. …) Codicil to my last Will dated and made the…(date)…of… (month and year).

In addition to the legacies given by my said Will (if any – omit if no such legacies) I give the following further (if appropriate) charitable legacy absolutely: –

To The Company of Watermen and Lightermen of the River Thames of Watermen’s Hall, Watermens Hall, 16 St. Mary-at-Hill, London EC3R 8EF (“the Company) the sum of £……………….

If you would like to discuss any of the above please contact The Clerk on clerk@watermenshall.org

The Company of Watermen and Lightermen, 16 - 18 St-Mary-at-Hill, London, EC3R 8EF

© 2018 The Company of Watermen and Lightermen