{"id":2290,"date":"2022-04-07T15:03:52","date_gmt":"2022-04-07T15:03:52","guid":{"rendered":"http:\/\/ballisodare.achonry.anglican.org\/?page_id=2290"},"modified":"2022-04-07T15:03:52","modified_gmt":"2022-04-07T15:03:52","slug":"legacies-and-wills","status":"publish","type":"page","link":"http:\/\/ballisodare.achonry.anglican.org\/?page_id=2290","title":{"rendered":"Legacies and Wills"},"content":{"rendered":"\n<p><strong>Leaving a Gift for the Church in your Will<\/strong><\/p>\n\n\n\n<p><strong>Legacy gifts <\/strong>or \u2018<strong>gifts in will\u2019 <\/strong>are an important source of income for churches, allowing us to make long-term plans. They are also a way of enabling you to continue to support the church after you\u2019re gone.<\/p>\n\n\n\n<p>By remembering us in your will, you can help ensure the church\u2019s presence will continue to benefit many generations to come.<\/p>\n\n\n\n<p>Below, we answer common questions about leaving a legacy:<\/p>\n\n\n\n<ol type=\"1\"><li><strong>How do I make a will?<\/strong><\/li><\/ol>\n\n\n\n<p>You can make a will at any stage of your life. You don\u2019t have to be sick or getting older to make a one and the peace of mind you\u2019ll gain from having a valid will in place can be a great comfort. We suggest contacting your solicitor who\u2019ll be able to give you professional advice based on your personal circumstances and answer any questions you might have. If you don\u2019t have a solicitor of choice, contact the Law Society of Ireland for a list of solicitors in your area or just Google this.<\/p>\n\n\n\n<ul><li><strong>I want to leave a legacy but I\u2019ve already made my will. Can I change it?<\/strong><\/li><\/ul>\n\n\n\n<p>It\u2019s important you review your will regularly, particularly if there is a significant change in your circumstances like getting married, buying a new house, having baby or are about to retire. Even if you have an existing will, it can be changed to include a legacy to the charity of your choice. This change is called a \u201ccodicil\u201d and can be easily drawn up by your solicitor.<\/p>\n\n\n\n<ul><li><strong>How do I leave a gift to the church in my will?<\/strong><\/li><\/ul>\n\n\n\n<p>There are three ways in you can leave a gift to a church in your will:<\/p>\n\n\n\n<ul><li><strong>A residuary bequest<\/strong>. This means the remainder or part of the remainder of your estate is bequeathed to your church of choice once all of your family and loved ones have been taken care of.<\/li><li><strong>A pecuniary bequest<\/strong>. This is a specific sum of money you would like to donate your chosen church from your estate. You can ask for this donation amount to be index-linked to ensure its value remains the same over time.<\/li><li><strong>A specific gift of property <\/strong>e.g. jewellery, household items, a building or shares.<\/li><\/ul>\n\n\n\n<p>Your solicitor will be able to give you advice on which option best suits your wishes and personal circumstances.<\/p>\n\n\n\n<ul><li><strong>Example of wording<\/strong><\/li><\/ul>\n\n\n\n<p>Your solicitor may find the following wording helpful if you\u2019d like to remember us in your will.<\/p>\n\n\n\n<p><strong>For a gift of the residue of an estate:<\/strong><\/p>\n\n\n\n<p>\u201cI give to <em>St Willibrord\u2019s Church, Nowhereville<\/em>, all [or a fraction] of the residue of my estate whatsoever and wheresoever, and I direct that the receipt of the Treasurer or other proper officer for the time being of the said church shall be full and sufficient discharge of the same.\u201d<\/p>\n\n\n\n<p><strong>For a gift of a fixed sum or specific item:<\/strong><\/p>\n\n\n\n<p>\u201cI give the sum of \u20ac_______ or I bequeath ________ [the item specified] to <em>St Willibrord\u2019s Church, Nowhereville<\/em>, and I direct that the receipt of the Treasurer or other proper officer for the time being of the said church shall be full and sufficient discharge of the same.\u201d<\/p>\n\n\n\n<ul><li><strong>How much should I leave to my church?<\/strong><\/li><\/ul>\n\n\n\n<p>This is totally up to you. No matter how small or large your gift is, it will make a lasting difference and will be hugely valued.<\/p>\n\n\n\n<p>There are three ways to donate.<\/p>\n\n\n\n<ol type=\"1\"><li>A sum of money which assumes the entire estate is cash which is unlikely.<\/li><li>A bequest which could be a work of art, jewellery, or property.<\/li><li>A residue (or a percentage thereof) of the estate once all other expenses have been met.<\/li><\/ol>\n\n\n\n<p>For the first method I present a couple of examples based on round figures and on the assumption that everything has been liquidated into cash.<\/p>\n\n\n\n<p>An estate of \u20ac1 million and it was all donated to charity then the charity would receive the full amount.<\/p>\n\n\n\n<p>For someone in a similar financial position, with two children each child could receive \u20ac335,000 tax free (subject to change) which would leave a residual of \u20ac330,000. If this \u20ac330,000 were donated to charity then the charity receive the total amount. If your will stated that the charity was to receive \u20ac130,000 then revenue would tax the remaining \u20ac200,000 at 33% meaning that you two children would receive an additional \u20ac66,000 each?<\/p>\n\n\n\n<p>In the second case, the asset donated would need to be valued and then this would be taken into account by Revenue.<\/p>\n\n\n\n<p>And in the final example, the charity would not know how much it was to receive until everything else was sorted.<\/p>\n\n\n\n<p>N.B.<\/p>\n\n\n\n<p>You should always seek independent legal and financial advice before making any decisions.<\/p>\n\n\n\n<p>This page is just for information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leaving a Gift for the Church in your Will Legacy gifts or \u2018gifts in will\u2019 are an important source of income for churches, allowing us to make long-term plans. They are also a way of enabling you to continue to support the church after you\u2019re gone. By remembering us in your will, you can help &hellip; <a href=\"http:\/\/ballisodare.achonry.anglican.org\/?page_id=2290\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Legacies and Wills<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=\/wp\/v2\/pages\/2290"}],"collection":[{"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2290"}],"version-history":[{"count":1,"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=\/wp\/v2\/pages\/2290\/revisions"}],"predecessor-version":[{"id":2292,"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=\/wp\/v2\/pages\/2290\/revisions\/2292"}],"wp:attachment":[{"href":"http:\/\/ballisodare.achonry.anglican.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}