Leaving a specific gift in your Will is a fantastic idea. Think of something you own that has specific sentimental or monetary value you'd like somebody you love to cherish.
Here are some great ideas to spur the brainstorm:
- Sports memorabilia
- Diamonds, jewelry, or specific valuables
- Your mascot costume from college
- Wedding dress
- The globe that sits in your office
- Journals or diaries
- And many more ideas
It's about the little things.
Making specific gifts is a great way to designate specific assets to go to specific people for any number of reasons. Whether you want to leave your jewelry to specific children or make sure your prized collection goes to someone who shares your passion, a specific gift may help carry out that goal. The asset gifted can be big or small, valuable or sentimental -- maybe it is a original Picasso or maybe it is just your own painting from that phase when you thought you were the next great artist.
Who can I leave a gift to?
You can leave a specific gift to nearly anyone. Perhaps you want to make sure the Guardian of your Pet receives some money to offset the costs of caring for your pets. Perhaps you want to give smaller gifts to your siblings but leave the rest of your estate to your spouse. This is an area where you are absolutely in charge.
Who can I not leave a gift to?
One thing to note, some states have passed laws intended to prevent individuals from being manipulated or coerced into making gifts they would not have made otherwise. Gifts made to caretakers, accountants, financial advisors, or other fiduciaries may be scrutinized and could be disregarded and considered void by a court.
If you have specific questions about this type of gift or if you have questions about your options for ensuring this type of gift is valid, you may want to consider consulting a qualified attorney that is licensed to practice in your state.
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