Types of Gifts You Can Leave in Your Will

Featured
>

 

 

 

 

 

 

When creating your Will, there are a number of ways you can leave a gift to a family member, friend or charity.

In this blog we’ll outline the many different types of gifts you can leave in your Will and what they mean exactly.

Residuary Gift 

After family and friends have been taken care of, and all your debts and liabilities settled, the remainder, or a percentage, of your estate can be given as a gift.

A residuary gift is the most common type we receive at UNICEF Ireland. Very often people will divide their remaining estate between UNICEF Ireland and a number of other charities.

Pecuniary Gift

A pecuniary gift is usually a cash gift of a specified sum of money. This type of gift is one of the most popular left in wills throughout the world. 

Specific Gift

A specific bequest refers to a particular item or gift that you would like to leave someone in your Will i.e “I leave my daughter, Mary Smith, my entire jewellery collection”. Specific bequests are a good way of passing on treasure items to loved ones.

Conditional Gift

A conditional gift is a bequest made under certain conditions. Usually beneficiaries will have to reach a certain age or fulfill a specific request before they can obtain their inheritance. 

Legacy Gift

Many people choose to leave a legacy gift in their Will. If you choose to leave a charitable bequest in your will, you must clearly state the specific charity or charities you’d like to remember.

There are a number of ways you can leave a donation to charity in your will. The first way is with a pecuniary bequest. Here you’ll clearly state a specific sum of money that’d you’d like to gift.

The second way is with a residuary bequest. Here, you can leave the remainder of your estate (after your loved ones, friends and debts have been taken care of) to a chosen charity or multiple charities.

I Want to Include UNICEF in My Will

If you’ve already made your Will, but would like to change it to include a gift to UNICEF Ireland, you can amend it by preparing a codicil form. Your solicitor will be able to advise you on the type of gift, which best suits your circumstances and will ensure the form is signed and witnessed with the same formalities as a Will.

If you haven’t created a Will but are planning to do so, read our complete guide on how to write a Will. We always advise that people employ a solicitor when drafting their final Will and Testament, however it is possible to create a Will without a lawyer. 

Leaving a Gift to UNICEF

Any type of gift you leave in your will to UNICEF Ireland will make a real difference for children. But many supporters decide to leave a share of their estate (or residuary gift) because it means that they can make sure that their loved ones are well looked after before making their gift to UNICEF Ireland.

We are extremely grateful for every gift we receive, and we always do our utmost to honour any wishes that are made. But to ensure your gift can have the most impact, we ask you to leave it without specifying that it be used for a particular area of work.

If you need more information about the types of gifts you can leave in your will, please contact Sarah directly on 01 878 3000 or email sarah.moyles@unicef.ie.