Leaving Specific Gifts in Your Will: A Guide to Personalising Your Legacy

Estate planning is a crucial process that allows you to ensure your assets are distributed according to your wishes. A key aspect of this process is the ability to leave specific gifts in your will. These gifts allow you to personalise your estate plan by designating particular items or sums of money to specific beneficiaries, ensuring that cherished possessions and assets are passed on to those you intend. 

What Are Specific Gifts? 

Specific gifts refer to tangible items or particular sums of money that you designate to specific individuals or organisations in your will. These gifts can be anything of sentimental or monetary value, and they play a significant role in personalising your legacy. Here are some common examples of specific gifts: 

1. Family Heirlooms and Jewellery 

Many people choose to leave family heirlooms, such as jewellery or significant collectibles, as specific gifts. These items often carry sentimental value and personal stories, making them meaningful gifts for loved ones. 

2. Collections 

If you have a passion for collecting, whether it's stamps, records, or books by a particular author, you can choose to pass these on to someone who shares your enthusiasm. This ensures that your cherished collections continue to be appreciated. 

3. Monetary Gifts 

Leaving a specific sum of money to a beneficiary is a common practice. This can be done for family members, friends, or even charities you support. Your Will Lawyer will help you clearly document the amount and the recipient in your will. 

4. Real Property 

If you own real estate, you can leave specific properties to individuals. This is particularly useful if you have joint holdings or wish to ensure a particular person receives specific property. 

5. Charitable Contributions 

If supporting charities is important to you, you can designate a specific monetary gift to a charity of your choice. This allows you to continue supporting causes you care about even after your passing. 

6. Right to Reside Clauses 

A right to reside clause allows a person to live in a property for a specified time or until a particular event occurs, while the property is gifted to another beneficiary. This ensures that the property is used according to your wishes. 

Popular Trends in Specific Gifting 

Recently, there has been an increasing trend of leaving specific monetary gifts to grandchildren. This can be done by naming each grandchild in the will or using a general term like "all my grandchildren." You can also specify that these gifts be held in trust until the grandchild reaches a certain age. 

Considerations for Specific Gifts 

While specific gifts are an excellent way to personalise your will, there are important considerations to keep in mind: 

1. Impact on Residue Estate 

Ensure that your specific gifts do not exhaust your estate. After all specific gifts are distributed, there should be sufficient assets left in the residue estate to fulfill other provisions of your will. This balance is crucial to avoid disputes and ensure all intended distributions are possible. 

2. Asset and Liability Assessment 

When planning specific gifts, assess your overall assets and liabilities. Determine if your estate can fulfill the specific gifts you wish to make. This is particularly important for monetary and real property gifts, where miscalculations can lead to challenges in fulfilling your wishes. 

3. Avoiding DIY Pitfalls 

DIY wills can lead to challenges if specific gifts are not carefully planned. Overestimating your estate's capacity or failing to consider all assets can result in unfulfilled gifts. Consulting a professional can help ensure your estate plan is realistic and executable. 

The Benefits of Specific Gifts 

Including specific gifts in your will ensures your wishes are carried out precisely. By clearly defining your intentions, you reduce the risk of confusion or disputes among beneficiaries. Specific gifts also allow you to leave a personal mark, reflecting your values and relationships. 

Specific gifts in your will are a powerful tool for personalising your estate plan. Whether it's passing on a treasured family heirloom, supporting a beloved charity, or providing for future generations, specific gifts allow you to leave a meaningful legacy. 

Ensure your estate plan reflects your unique wishes and values. Book a consultation with Vicca Law today to discuss how you can include specific gifts in your will. Visit www.viccalaw.com.au or email lidia@viccalaw.com.au to schedule your appointment. Let us help you safeguard your legacy and provide peace of mind for you and your family.