If you are thinking of leaving a gift in your will to the RIBA, there are four main types of legacy you might consider:
Residuary legacy. This is a share of (or all) the remainder of your estate once all other commitments have been settled.
Pecuniary legacy. This is a fixed sum of money, which can be index-linked to ensure its value doesn’t depreciate over time.
Reversionary gift. This is a way to leave part (or all) of your estate on trust to named beneficiaries for their lifetime. They can enjoy use of the asset or income from it, and it transfers to the RIBA when they pass away.
Specific legacy. This can be a legacy of specific personal assets, such as property, stocks and shares, or art, antiques and books. If you are considering leaving an item or collection of material for our permanent collections, we would welcome the opportunity to discuss your plans with you first to ensure we will be able to accept your gift.
It is worth bearing in mind that, as a charity, legacy gifts to the RIBA are exempt from inheritance tax. In addition, anyone donating 10% of their taxable estate to charity qualifies for a reduced rate of any Inheritance Tax payable (36% rather than the standard rate of 40%). See the Legacy 10 campaign for information.
Including a gift to the RIBA in your Will
A suggested form of wording that you can take to your legal advisor is below:
"I give [% of the residue of my estate / sum of money / specific item or asset] to The Royal Institute of British Architects (Registered Charity No. 210566) of 66 Portland Place, London, W1B 1AD and the receipt of the Chief Executive or the proper officer for the time being of The Royal Institute of British Architects shall be a complete discharge to my executors."
If you wish to leave your legacy towards something specific, please get in touch to discuss your plans to ensure that we will be able to accept your gift.
Please note that the RIBA strongly recommends that you consult your legal advisor when writing or amending your will and we cannot guarantee that the suggested wording will be suitable for use in all wills.