There are a variety of ways in which you can gift your assets in your will.
Perhaps the most straightforward is simply to give cash sum(s) to an individual or a group of individuals. Alternatively, gifts of specific items can be left. This can however be troublesome if the assets are disposed of before death, as any such gifts will then fail.
Real property can either be left to an individual or individuals absolutely, or upon trust for someone for a certain period (typically, until they die). Alternatively, it is possible to make a will in which you leave your estate generally to an individual or individuals in fixed shares. Wills also have the flexibility to allow you to make alternative provision if one of the persons named in your will dies before you.
It is easy nowadays to access resources to make a will yourself. However, there are many traps when making a will that can have a detrimental effect on the distribution of an estate or the tax payable on a an estate or where the burden for paying expenses lies where a will has not been drafted correctly. At Star Legal, as well as talking through the various options available to you to ensure your wishes are carried out, we will also discuss your situation generally to ensure that the will truly reflects your circumstances and that the way you own assets does not have an impact on the terms of your will.
By Kelly McCarthy (email@example.com, telephone 01793 777071).