We all have someone in our life that we may want to leave a special gift for. Perhaps they are not a family member or someone who may not necessarily need taking care of after your passing. Or maybe there is a charity that you have a particular affinity to and wish to bequeath some money to. Whatever the circumstances, you can leave specific gifts to people or organisations in your Will.
Any specific gifts in Wills are called Legacies, and they can be:
- A sum of cash.
- Any physical possessions in the UK i.e. jewellery, cars, artwork and more.
- All types of real estate in the UK (it is advised to seek further legal advice when it comes to gifting property).
- Intangible assets such as bonds and bank accounts.
- Intellectual property including Trademarks, Patents and any business registered in your name.
However, some gifts cannot necessarily be left in your Will and intentions to do so are subject to further legal advice. These include:
- Your body.
- Any possessions subject to a finance agreement such as a car on hire purchase.
- Insurance policies.
- Assets in a foreign country.
Should I wait until I’m gone to gift?
Sometimes, it’s more tax-efficient to gift money and assets before your death if you can afford to do so. There are many ways of doing this without being subject to additional taxation. For more information and advice on gifting, get in touch with me here.
Lastly, if you wish to leave legacies, definitely do not procrastinate in writing your Will. You can read more about my Will writing services and pricing here.