We often get asked by our clients how they can leave a gift in their Will for their loved ones. The gifting wishes of each client varies; some choose to gift a particular piece of jewellery while others have a long list of items they wish to gift to different people.
There are many types of gifts that can be left in a Will, these include gifts of physical items (e.g. jewellery, tools, antiques and all other household items) cash sums, property and vehicles. A clause can be included in your Will to list the items you wish to gift and the person whom you wish to receive that said gift.
A common theme we see with some of our clients is the desire to make a cash gift to a charity of their choosing. This gift can be a specific cash amount (e.g. $10,000) or a percentage of your estate (e.g. 10%). The amount and way in which you make the gift to the charity would be entirely your decision.
It is important to remember that when you are making a cash gift to a charity or an individual that you do have the sufficient funds in your estate to pay out the gift as the gift is distributed prior to that of the remaining estate.
We strongly recommend that you do review your Will at regular intervals to ensure that the gifts you have left in your Will are still applicable and that your wishes have not changed.
If you have questions about leaving gifts in your Will, please reach out to our team and we can assist you.