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Wills - Specific Bequests
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Is it a good idea to identify specific items to be given to my heirs?
Perhaps Not - Some individuals make specific bequests in the will. A mother may leave her jewelry to her daughter, a father his tools or pocket watch to his son. Use Caution and overview the will every calendar quarter. If the property no longer exists or has been given it to someone, there is no automatic substitution. An example might be a vacation home, valued at $100,000 to be distributed to your son and the remainder of your estate, worth about the same, to your daughter. However, sometime after the will is signed, the vacation home is either sold or destroyed. If you were to pass on before changing the will, your son will be left with nothing.
Solutions are dependent upon facts & circumstances, law and the objectives. These elements vary from one time to another, from one circumstance to another and from from person or entity to another
If you leave a significant portion of your estate by way of a specific bequest, make sure you routinely and consistently update your will for any changes.
Engagement Status Letter ~ WARNING!
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- Help To Keep Your Life In Balance
