After you’ve ensured that your family is taken care of, leaving a gift to Family Carers Ireland will stand as a wonderful testament to your support for other family carers providing support to their loved ones.
If you’re considering leaving a legacy to Family Carers Ireland, the first thing you should do is consult your solicitor for advice. There are two main types of legacies.
Legacies left to charities are completely tax-free; they are not subject to Inheritance Tax, so this means that 100% of any gift you leave will go directly to Family Carers Ireland.
Changing your existing will
If you already have a will, it’s easy to amend it to include a gift to Family Carers Ireland. This change is called a “Codicil” and can be drawn up easily by your solicitor.
How to leave a gift to Family Carers Ireland
Below is the information and wording you will need if you wish to leave a gift to Family Carers Ireland in your will. There are two main types of gifts, a residuary legacy and a pecuniary legacy.
Leaving a % of your estate – a residuary legacy
You make provisions for your nearest and dearest first, then leave a %, large or small, or a part of the remainder of your estate to Family Carers Ireland.
If you are making a residuary gift, the following text can be used in your will:
“I give to Family Carers Ireland, of Family Carers Ireland, Market Square, Tullamore, Co. Offaly (a % which can be 1% or 100% or anywhere in between!) of the residue of my estate whatsoever and wheresoever, and I direct that the receipt of the Treasurer or other officer for the time being of the said Organisation shall be a full and sufficient discharge of the same”.
Leaving a specific amount of money – a pecuniary legacy
This is when you state in your will that a specific sum of money or an item is to be left to Family Carers Ireland. If you are making a gift of a fixed sum or specific item, the following text can be used in your will:
“I give the sum of €_______ or I bequeath (the item specified) to Family Carers Ireland, of Family Carers Ireland Market Square, Tullamore, Co. Offaly, and I direct that the Treasurer or other proper officer for the time being of the said Organisation shall be proper and sufficient discharge for the same”.
Legacy Jargon Buster
Beneficiary: Someone who receives a gift from the will of a person who has died.
Bequest: A sum of money left to someone through a will. Also used as another word for legacy.
Codicil: A valid legal amendment to a will.
Conditional legacy: The term for any type of will which provides a fall back situation in case of the early death of one or all of the beneficiaries. (For instance, a man may leave everything to his wife, but if his wife dies before him then her gifts could be passed on to someone else.)
Estate: The amount a person owns at the time of their death, after their debts have been paid.
Executor: The person or people you choose to make sure the wishes in your will are properly carried out. They can be friends, family or professional. The executor can be a beneficiary.
Intestate: The term for a person if they die without making a will.
Legacy: Something left in a will.
Legatee: A person or organisation who stands to receive a gift in your will
Pecuniary legacy: A gift through a will made in the form of a specified sum of money. As the value of a specific sum will decrease over time owing to inflation, it is possible to index link the sum so that it maintains its current day value.
Probate: The official proof that a will is valid
The Reversionary Legacy: This is an attractive method of providing for your family first and then benefiting Family Carers Ireland. It involves leaving your assets to a Trustee so that the beneficiaries can enjoy the income and/or the property during their lifetime, with the whole or portion going to Family Carers Ireland upon their death.
Residuary legacy: A share of the remainder of an estate after all other payments and gifts have been made. This gift has more flexibility than a pecuniary gift in that you do not quantify the sum or take into account inflation when you draw up a will.
Specific legacy: A specific item such as a piece of jewellery or property.
Testator: A person who makes a will.
Witness: Two witnesses must see you sign your will and you must also watch both of them sign the will. No one benefiting (or their spouse) should sign the will. If they do then they will not receive any gift left to them in the will.