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How to Leave a Legacy

There Are Four Simple Ways

Pecuniary Gift

Pecuniary gift in a will is a gift of a specific sum

“I give the sum of €—- to Jack and Jill Children’s Foundation and I direct that the receipt of the treasurer or other proper officer for the time being of said organisation shall be proper and sufficient discharge for the same”

Residuary Gift

Residuary gift in a will is a gift of part of an estate.

This is a share of your estate that hasn’t been promised to family or friends. These kinds of gifts are enormously Valuable in supporting our work.

“I give to Jack and Jill Children’s Foundation a fraction (Fraction sign) of the residue of my estate 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”

Specific Item

Specific item is where you generously select a specific item of value like stocks, shares, jewellery, property, the proceeds of a life insurance policy or other valuable items.

“I bequeath (the Item specified) to the Jack and Jill Children’s Foundation and I direct that the receipt of the treasurer or other proper officer for the time being of the said organisation shall be proper and sufficient discharge for the same”

Codicil to a Will

Codicil to a will is an addition to a will if you have written your will and decide you would like to leave a gift to the Jack and Jill Children’s Foundation.

You can ask your solicitor to add a codicil to your will and it is signed in the same way as your original will with a witness present. It is then added to the permanent part of your will.

Helpful Tips For Making A Will

The purpose of a will is to ensure that your property and belongings are distributed according to your wishes after you’re gone, providing peace of mind for both you and your loved ones.

To make a Will, you will need to:

Gather Personal Details: Bring all your personal details to your solicitor, including information about your family, dependents, and any charities or individuals you wish to benefit.
Choose an Executor: This is the person who ensures your Will is carried out. You may want to consider appointing two executors—one could be a solicitor who drafts your Will, and the other a trusted family member. An executor can benefit from your Will, so it is possible for a family member to take on this role.
Consider Guardians and Trustees: If you have dependent children, you’ll need to appoint guardians who will care for them. You should also consider who will act as trustees for any assets you leave for your children’s benefit.
Create an Inventory of Assets: It’s important to have an overview of what you own—your home, bank accounts, and any valuable items. Personal possessions, such as jewellery or family heirlooms, can also be included. Preparing a list helps clarify whom you wish to benefit from your estate and ensures nothing is overlooked.

Remember, seeking legal advice is essential when making or revising your Will to ensure everything is in place.