When leaving a gift in your will, whether this is to a family member/friend or to a charity, there are certain considerations that you must address. If you do not set out your gifts properly in your will your gifts could ‘fail’.
There are three types of gift you can leave in your Will:
This is when you leave a personal possession or a sum of money to someone in your will. This is also referred to as a pecuniary legacy, e.g. £20,000. When writing your will you should give as much detail about your gift as possible so the executors are able to carry out the terms of your will exactly how you intended. Specific bequest, e.g. my gold wedding ring
Non-specific gifts are those that do not refer to an individual item, for example ‘all my personal possessions’.
After all debts, bills and taxes have been paid and all your specific and none-specific gifts have been distributed to the beneficiaries named in your will, what is left is the ‘residue’ of your estate. Leaving the residue of your estate to a named beneficiary is known as a ‘residuary gift’.
Making sure that your estate is distributed amongst your intended beneficiaries can be done by writing a will. The pitfalls of ‘homemade wills’ and ‘DIY wills’ often leaves beneficiaries open to contentious probate challenges.
If you want to guarantee that your loved ones receive their inheritance after you have gone then speak to our will writing experts. EAD solicitors private client department, comprised of experienced wills and probate solicitors and dedicated support staff, who are here to provide you with the advice and guidance.
Call us on 0151 735 1000 and speak to one of our Liverpool solicitors.
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