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Wills, Types Of Gifts

"Scottish law Guides"

Wills, Types Of Gifts

"Scottish Legal Guides"

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There are differing types of gifts you can leave in your Will: specific gifts, non-specific gifts and residuary gifts. There are also some issues that should be considered when leaving gifts to children and when giving to charities through your Will (Gift Aid. Gifts that are not properly laid out in the Will can 'fail', but proper legal advice and attention to detail can prevent this.

 

A 'specific gift' is a particular item or sum of money that you wish to give someone in your Will, for example, a house, a piece of jewellery, £500. It is important that the gift is described precisely in your Will, so that the executors can understand exactly what you intended. For example, when leaving someone a house, you should state the full address and make clear whether its contents are to be included as part of the gift or distributed to other beneficiaries.

 

A 'non-specific gift' is a general gift that does not refer to any particular item, such as 'all my personal possessions'.

 

The 'residue' of an estate is everything that is left in your estate after all debts, bills and taxes have been paid and all specific and non-specific gifts have been distributed. Leaving the residue of an estate to a named beneficiary is called a 'residuary gift'. Residuary gifts are a common way to ensure that all remaining property passes to your chosen beneficiaries, rather than falling under the intestacy rules.

 

Gifts to a child under the age of 18 will normally be held by the executors, but you can specift at what age they are given the gift. A Guardian can be appointed to lookafter the assets for the benefit of the person for safekeeping until the child reaches 18, unless you state in your Will that the child's parent or guardian may take receipt of the gift on the child's behalf.

 

A common way to pass gifts to children is to set up a trust, especially when making arrangements in your Will for your own children.

 

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