Why making your Will is one of the most important decisions of your life?
It’s worth noting that, even leaving aside the fact that you may want to leave some of your money to charity, writing a will is a prudent thing to do. If you die without one, your assets will be distributed according to Irish law rather than according to your own wishes. Just a few of the other reasons to take the time to write a Will include:
- Reducing the inheritance tax incurred - leaving money to charity allows for this.
- Making provision for your children e.g. choosing who will take care of them and setting aside funds for this.
- Making any other necessary provisions, such as for your pets, or your business, or other responsibilities that you have.
- Specifying what sort of funeral you would like, taking the pressure off your family from having to make these decisions.
- Declaring that you would like your organs donated. Be sure to tell your family about your wishes, in case it comes up unexpectedly.
- Naming your executors (family members are a standard choice).
Step One: Decide how much you want to leave to charity
The main choice here is whether you want to leave a fixed amount to your chosen charities, or else first make provision for your family and then leave the remainder.
Step Two: Pick a method for writing your Will
One of the reasons why so many people die without having written a Will every year is that they don’t realise how easy writing a Will really is, unless your financial affairs or wishes are unusually complex. It is possible to do it yourself by using a template, although using a Solicitor is the safest option as it will ensure that your Will is valid.
Step Three: Consider inheritance tax
Leaving money to charity will reduce the inheritance tax payable. Talk to your Solicitor and they will advise you on the best way approach to take.
Step Four: Pick your charities and find out how to leave money to them
You’ll need to specify your chosen charity or charities after you have ensured you have taken care of your family, friends and other responsibilities first.
Step Five: Make your Will
Now that you’ve made the key decisions you can make your Will via the method you picked in step two.
...and that’s it!
Why not take the time, visit your Solicitor and put your Will in place. It is a straight forward process and will give you the peace of mind that your family, friends, other responsibilities and charities of your choice will benefit as per your wishes when you are gone.
Supporting the Future of CF Care in Ireland
CF care is not just about hospital stays and treatments – it's about enabling and empowering PWCF to live full rewarding lives outside of hospital, for as long as possible.
This is at the heart of CFI's vision and you can support this work into the future, in a very simple way – by leaving a gift to Cystic Fibrosis Ireland in your Will. These gifts – Legacies – are a vital source of funding for CFI.
Many people can afford to give far more in their Will than they ever could when they are alive. It won't cost anything in your lifetime, but will ensure your generosity, your legacy will live on to support future generations.