The Paddle Steamer Preservation Society (PSPS) exists to support the preservation of paddle steamers and their history. The main things we do are:
- assisting in keeping Waverley and Kingswear Castle steaming on into the future;
- conserving and working towards exhibiting our unrivalled collection of paddle steamer pictures, sailing bills, documents, models and other objects; and
- supporting other British paddle steamers, including Maid of the Loch and Medway Queen.
If you leave a legacy, also known as a bequest, to a charity, such as PSPS, its value will be exempt from Inheritance Tax.
Why remember PSPS in your Will?
Across many years PSPS has contributed in excess of £3.7 million towards the preservation of Waverley and over £600,000 to Kingswear Castle. One legacy formed a vital part of the funding of Waverley’s Millennium Rebuild.
PSPS plans to continue this support in the future and legacies will play an essential element of providing the necessary funding.
How do I leave a legacy?
We recommend using a solicitor when first preparing or amending your Will.
There are three main types of legacy that are used to benefit charities:
- A residuary legacy: a part or the whole of your estate after all pecuniary and specific legacies have been distributed, and after deducting expenses and any tax
- A pecuniary legacy: a gift of a specific sum of money
- A specific legacy: a gift of specific items, for example, property or shares that the Society may retain or convert into cash.
Each has advantages and disadvantages, depending on your personal wishes. A solicitor will be able to advise further.
If you have already made a Will, it is recommended that you review it at least every five years, and after a major change in your life, to make sure that it always reflects your wishes.
Can I specify what my legacy is used for?
Yes, if you specify a particular purpose for your legacy then the PSPS is obliged to fulfil that intent. This does mean that if your condition cannot be fulfilled, then your legacy would have to be refused and it would pass to other beneficiaries. Therefore, we prefer unrestricted legacies, as they always enable us to target funds where they are most needed at the time they are received.
If you would like to leave a legacy or gift to the PSPS, please make sure your solicitor uses the full company name, address and charity number in your Will:- Paddle Steamer Preservation Society, Mayfield, Hoe Lane, Abinger Hammer, Dorking, RH5 6RS, a charity registered in England & Wales (298328) and in Scotland (SC037603). This information will assist your Executors trace the Society in the event of address changes.
PSPS is unable to provide personal legal advice and recommends that you consult a solicitor. Several national charities offer free will writing services (some including the services of a solicitor) without the obligation to include them as beneficiaries.
As we have members in both England & Wales and Scotland (as well as other jurisdictions), we would point out the importance of getting advice appropriate to your residence. In particular, there are many differences between English & Welsh and Scottish law, including:
- When you sign your will, in England & Wales two witnesses are required to your signature and only the last page of the will is signed; in Scotland only one witness is needed but you must sign every page of the will in the presence of the witness. In both cases, the date of signature is needed.
- The law setting out who would inherit your estate if you do not have a will, or if none of the beneficiaries named in your will have survived you, is different in Scotland and England & Wales.
- Spouses and children have automatic rights to a proportion of an estate in Scotland, whereas in England & Wales a claim would have to be taken to court if they did not consider appropriate provision had been made for them.
- In England & Wales, marriage or divorce automatically invalidates an existing will, but in Scotland this is not the case.
Please contact our Treasurer if you require any assistance with including a legacy for PSPS in your will.
We are extremely grateful for every legacy or gift we receive, and we always do our upmost to honour any wishes that are expressed.