What to consider when making specific gifts in your Will
When preparing your Will there are a number of things to consider such as who to appoint as your Executor, the beneficiaries of your estate and whether you wish to leave any specific gifts to a particular family member or friend.
A ‘gift’ can be anything from a particular item of jewellery to a sum of money. Below it will be discussed the matters that should be considered if you want to leave a gift under your Will.
Firstly, you cannot gift an item if you do not own them. This situation can arise where a property is held under a Self-Managed Superannuation Fund or under a Trust. Another situation to mention is when an item is owned jointly with another person. In this case, the surviving owner will obtain the asset upon your passing. Consequently, if you gift an item that you do not own, or is jointly owned, will be ineffective under your Will.
Secondly, it is important to update your Will to ensure that if the asset you have gifted still exists when you pass away. We understand that life happens and that items and assets are sold or given away during your lifetime. Therefore it is important to update your Will if you know that you no longer hold an asset. However, if you have made a gift that is no longer in your possession, the direction in your Will would be ineffective and result in the recipient not receiving the gift.
Finally, if you wish to gift a particular asset or item under your Will, it is important to consider these items are properly described. It is recommended to provide adequate detail when describing your asset to ensure your wishes are consistent as under your Will.
If you wish to discuss your Will, please do not hesitate to contact our friendly Canny Legal team.