A gift for future generations
If you believe in the work the ILS does to communicate and promote Irish culture to a London audience, perhaps you would consider leaving us a gift in your will? A gift of any size will help us develop and maintain the society, and continue enriching the lives of future generations.
If you already have a will and wish to add a gift for the benefit of the ILS, you can do this by making a codicil to your will.
In every case we strongly recommend that you consult a solicitor when making or updating your will, to ensure that it is legally valid and reflects your intentions.
Find a solicitor on the Law Society website.
Types of gift
There are a number of options you might consider:
A residual bequest
This is a gift of the remainder (or proportion of the remainder) of your estate, after all payments, taxes and other bequests have been made. This option allows you to take care of friends and family first and still make a meaningful donation. We suggest the following wording:
“I give ___% / all [please specify] of the residue of my estate to the Irish Literary Society,
A pecuniary bequest:
This is a fixed sum of money decided by you. We suggest the following wording:
“I give the sum of ___ to the Irish Literary Society to hold on trust for its general purposes as outlined in its charitable objects”
A specific bequest:
You can also bequeath specific personal possessions such as property or shares. We suggest the following wording:
“I give the sum of ___ to the Irish Literary Society to hold on trust for its general purposes as outlined in its charitable objects.”
A gift of property or assets that is passed to a named individual for enjoyment in their lifetime. On their death the whole or a portion of these assets revert to the beneficiary of the reversionary legacy.
The Irish Literary Society is exploring the options for obtaining charitable status, should we achieve this status your gift will be exempt from Inheritance Tax.
Tax rules introduced by the government with effect from 6 April 2012 may also mean that if you leave at least 10% of your estate to charity, the Inheritance Tax rate on the rest of your estate may reduce from 40% to 36%. The rules are complex, however, and you should seek advice from your solicitor or tax advisor on how they may affect you.