2) PECUNIARY LEGACY

A pecuniary legacy is a gift of a specific sum of money. It can also be index-linked to protect its value.

A sample of the wording for a Pecuniary Legacy is:

“I give the sum of € (insert the amount in figures and words) to The The Irish Pilgrimage Trust, Head Office, Kilcuan, Clarinbridge, Co. Galway, Registered Charity Number 20009953, Revenue Charity Reference No: 5992 for its general charitable purposes. The receipt of the Honorary Treasurer for the time being of the  The Irish Pilgrimage Trust or other proper Officer shall be sufficient receipt to my Executors for payment of the said sum”. 

The pecuniary legacy may be index linked by adding in the words “or such larger sum as my Executors calculate to have the same value at the date of my death as € (amount in figures and words) had at the date of this my Will.”

IF YOU WOULD LIKE TO REMEMBER THE IRISH PILGRIMAGE TRUST IN YOUR WILL, THERE ARE VARIOUS WAYS YOU MAY LEAVE US A GIFT.

( Some of the legal terms used to describe gifts given by will are “Legacy” or “Bequest” or “Devise.”.The person making the will is called “the Testator”.A “codicil” is an addendum added onto a will at a later date.The “residue” of an estate is whatever is left over after all the debts and expenses are paid and all other bequests and legacies to family/friends are paid out)

1) RESIDUARY LEGACY

A residuary legacy is the gift of the residue of your estate, or a share of the residue, after other bequests to your family and friends have been made and all debts, taxes and expenses have been paid. Generally, this kind of legacy is of greatest benefit to us, as its value increases with the value of your estate.

A sample of the wording for a Residuary bequest of the entire residue is: 

 “As to all the rest residue and remainder of my estate of whatsoever nature and wheresoever situate I Give, Devise and Bequeath the same to the  The Irish Pilgrimage Trust, Head Office, Kilcuan, Clarinbridge, County Galway – Registered Charity Number 20005593, Revenue Charity Reference No. 5992 for its general charitable purposes. The receipt of The Honorary Treasurer for the time being of the  The Irish Pilgrimage Trust or other proper Officer shall be sufficient receipt to my Executors for payment of the said sum”.

A sample of the wording for a Residuary bequest of a percentage of the residue is: 

 “As to all the rest residue and remainder of my estate of whatsoever nature and wheresoever situate, I Give Devise and Bequeath % ( percentage) to the The Irish Pilgrimage Trust, Head Office, Kilcuan, Clarinbridge, County Galway – Registered Charity Number 20009953, Revenue Charity Reference No. 5992 for its general charitable purposes. The receipt of The Honorary Treasurer for the time being of the  The Irish Pilgrimage Trust or other proper Officer shall be sufficient receipt to my Executors for payment of the said sum”. 

3) SPECIFIC LEGACY

A specific legacy is a gift of a particular item. This can include stocks and shares, proceeds of a life assurance policy, property, furniture, art works or jewellery.

A sample of the wording for a Specific Legacy is: 

4) A “GIFT OVER” LEGACY

A “Gift over” legacy is where a testator can state what should happen if a person he wishes to inherit under his will were to die before him.

A sample of the wording for a “Gift over “ Legacy is:

“In the event of the above named (insert name of beneficiary) predeceasing me then and in that event I Give Devise and Bequeath the share of (insert name of beneficiary) to the  The Irish Pilgrimage Trust, Head Office, Kilcuan, Clarinbridge, Co. Galway for its general charitable purposes. The receipt of the Honorary Treasurer for the time being of the The Irish Pilgrimage Trust or other proper Officer shall be sufficient receipt to my Executors for payment of the said gift, devise or bequest.”