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What Is A Gift?

A gift can generally be defined as a voluntary transfer of property from one person to another made gratuitously, without any consideration or compensation. Under your will, you can leave gifts of either financial or personal value to your family and friends. These gifts can come in the form of gifts of a specific item, gifts of cash or gifts of the residuary of your estate. Each of these forms of gift is explained below.

Specific Item Gifts
A specific item gift (also known as a legacy or bequest) is a gift of a specific item to a named beneficiary. Gifts of this type typically include items such as, for example, a car, a piece of jewellery, shares, bonds, land, houses and so on.


Cash Gifts
A cash gift (also known as monetary or pecuniary legacy) is a gift of a specific amount of money to a named beneficiary.

 

Charity Gifts

A charity gift (donation) is a gift of a specific amount of money to a named charity. Charities rely on donations to provide their services and wills are an excellent tool to provide donations to charities.

 

Gift of Residuary Estate
This is simply a gift of the residue or remainder of an estate to one or more named beneficiaries. The residue of an estate (or residuary estate, as it’s often called) is the remainder of a deceased person’s estate after the payment of all debts, funeral and testamentary expenses and after all specific item and cash gifts have been made.

 

To Whom Can I Give A Gift
You can give a gift to just about anyone. When creating your will, you will be presented with various options in which you can make gifts to loved ones; examples of such gifts include residuary gifts, cash gifts, specific gifts, share gifts, royalty gifts, charity gifts and even church gifts.


 


For more detailed information on the topic above and other issues relating to Irish wills, read our Last Will & Testament Kit written by an Irish Solicitor to answer all your questions.

 

 

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