Frequently Asked Questions - Page 3

What should I think about when I make gifts of items?

Remember that, as with gifts of money, you should keep the value of the gifts to a small proportion of your total estate. In our standard Will the estate will bear the tax, if any, on the gift. Remember that the beneficiary will have to pay the costs of transportation, an important consideration if the beneficiary lives abroad.

Please ensure that you give a proper description of the item you are leaving. The description should be such that an independent person could identify the item without having to ask questions for further clarification. It would be a good idea if you took a photograph of the item in question and write on the reverse what it is and then leave it with your Will.

What should I think about with the remainder of my estate?

You need to decide who is to receive the balance of your estate (called the 'residue'). This is usually your main beneficiary assuming that you have kept the gifts of money and items to a minimum. You can leave the residue to one person or a number of persons in equal or unequal shares. You can also leave the residue to be divided between a class of persons such as your 'children' or your 'nephews and nieces'. Remember that the word child or children includes adopted and illegitimate children.

What if my main beneficiary dies before me?

You need to provide for the circumstance if your main beneficiary dies first. This is not absolutely necessary but we would say it is unwise not to provide for an alternative. As with the gift of residue this alternative gift can be to one person a number of named persons in equal or unequal shares or to a class of persons. In our standard Will we provide for you to make your children as the alternative beneficiaries. It is important for you to know that if a child who is taking a benefit from your estate dies before you then the child's children (your grandchildren) will take the share that your child would have received. If there is more than one grandchild in this circumstance then they will share equally.