Legacy Gifts
It is a known fact that many people do not make a will. For those that have passed away it means they did not ensure that their last wishes would be listened to and carried out. Those who remain behind are left with the problem of sorting out their loved ones estate. This could all be avoided by making a will.
Many people will have supported a charity all their life, and may wish to continue supporting it when they have gone. An ideal way to ensure this is to leave a legacy in their will. For the charity, such a gift could fund a particular project which would otherwise not be possible.
To leave a legacy in your will we strongly advise that you contact your solicitor, who will go through all the details with you to make sure that there will be no problems when your will comes into effect.
Protecting the Future
IBI has been blessed year on year by the generosity of our regular supporters and more recently by the response to our Annual Appeal. However, whilst we currently cover our regular outgoings through fee income and gifts we are actively seeking out more opportunities to develop and bless the Irish Church Community, whom we serve.
For example, funds from a legacy gift received in 2003 enabled IBI to launch a new Masters Degree programme in Applied Theology which commenced in the spring of 2005. There are now over 30 students enrolled in the programme, and we are very excited about the potential of this course for the development of the church here in Ireland.
Inheritance Tax
Because of the charitable status of The Irish Bible Institute, all bequests received are exempt from inheritance tax.
The Irish Bible Institute is a registered charity, our charity number is CHY 06478.
Legacy Options
Here are some options which you may want to consider when making your will:
A Pecuniary Bequest
This would be the gift of a specific sum of money. The appropriate wording to go in your will, or in a codicil to your will, would be:
'I give the sum of euro (EUR....) to The Irish Bible Institute, Ulysses House, 22-24 Foley St., Dublin 1, Ireland for the benefit of the Irish Bible Institute and I DECLARE that the receipt of the Principal or other authorised officer for the time being shall be a complete discharge for my Executors and Trustees.'
Naturally we wish all our supporters good health and longevity. Hopefully our wish in this respect will normally be fulfilled and many years will elapse between your will being written and executed.
However, this could therefore mean that the value of a generous sum of money included in your will today could be substantially eroded by the passage of time.
The best way to reconcile this position is by means of:
A Residuary Bequest
This would be a gift of all or part of the residue of your estate after other bequests have been made and any debts and expenses have been paid. This sort of bequest would protect the value of your gift as in normal circumstances the value would increase with the value of your estate. The appropriate wording for a residuary bequest would be:
'I give ..... per cent (...%) of the residue of my estate to the Irish Bible Institute, Ulysses House, 22-24 Foley St., Dublin 1, Ireland for the benefit of The Irish Bible Institute, and I DECLARE that the receipt of the Principal or other authorised officer for the time being shall be a complete discharge for my Executors and Trustees.'
A Specific Bequest
It may be that you would like to bequeath something other than money: property, a painting, piece of furniture, share holding, item of jewellery. The wording you should use for this would be similar to that for a pecuniary bequest but with a full description of the item or items.