For executors and solicitors
Paying in a legacy gift
All gifts in Wills are looked after by our Legacy Administration Team at our Head Office in Poole, Dorset. They are the only people authorised to give a proper receipt and discharge to executors.
Legacies for the specific benefit of a particular location, station, or purpose should still be sent to Poole. This enables our dedicated volunteers to devote more of their time to their lifesaving work. The Legacy Team will, of course, make sure that the funds are restricted for the location or purpose specified in the Will.
Please note that, because of COVID-19 Coronavirus, many members of the team are working from home and so it would be helpful if you could pay in any legacy monies electronically. If you can help us in this way, please pay the money direct to our bank:
- Barclays Bank PLC, 100 High Street, Poole, Dorset BH15 1BL
Sort code: 20-68-95
Account number: 70 23 23 51
Account name: Royal National Lifeboat Institution
Please could you add the name of the deceased person as the reference so that we can identify and allocate the payment correctly
(Payment by BACS is preferable, but we understand there will be a charge if it is made by CHAPS.)
We understand that electronic payment may not always be possible and you can of course continue to pay by cheque. If you do pay in this way our letter of thanks and our receipt may take longer to reach you. We are grateful for your understanding in these challenging times.
If you are paying by cheque please make the cheque payable to ‘The Royal National Lifeboat Institution’ and send it to:
West Quay Road
We will be really grateful if you can include:
- the full name and title of the deceased
- their last address
- the date of death
- the executor’s name and contact details
- a copy of the Will
- any information about the reason for the legacy
It is also good practice for an executor to notify beneficiaries as soon as possible.
This will enable family members to amend a charity’s records and ensure that future mailings are not sent out to the deceased. We know that such things can be distressing.If you have any queries about this. Please contact email@example.com.
Other payment methods
If you would prefer to make a payment by another method please contact our Legacy Administration Team.
Collection of items
We don’t usually collect items, unless there are exceptional circumstances. Unlike other charities, we don’t have a chain of shops where we can sell items that have been left to the RNLI. We are able to sell some items through eBay, but items of value or special interest such as stamp collections and artwork are valued and sold with the help of professional auctioneers or retail specialists. In these cases we would make special arrangements for collection or delivery.
Administering a gift
In most cases we would prefer to receive the sale proceeds of property or shares gifted to the RNLI in a Will.
However, each individual case is different, so before taking any action to either transfer or sell the property or shares, please contact us.
Charities are exempt from inheritance tax. This means that gifts to the RNLI are ordinarily paid free of tax and are deducted from the estate before the tax is calculated.
Charities are also exempt from capital gains tax so, if an asset is sold as ‘bare trustee’ for the RNLI, we can reclaim the tax. We can also reclaim income tax that has been deducted at source from income of the estate.
The rules are complex, so to avoid the estate paying more tax than necessary, please get in touch.
If you’re a solicitor and have been asked to include a pecuniary or residuary gift to the RNLI in a Will, you may find the following wording helpful:
‘The Royal National Lifeboat Institution (a charity registered in England and Wales (209603) and Scotland (SC037736). Registered charity number 20003326 in the Republic of Ireland) of West Quay Road, Poole, Dorset, BH15 1HZ’
For wording of Wills in the Republic of Ireland, or for any other type of gift, please contact us.