Wills are the foundation of estate planning documents. But just because they are central doesn't mean they are simple. In today's video we discuss gift giving in wills: both what are the options and what are some of the pitfalls of doing things wrong.
Essentially there are three kinds of gifts that can be given in a will:
- Specific Gifts: I give Bob my teddy bear named Fred.
- General Gifts: I give Bob one of my teddy bears, which may or may not be Fred.
- Residue Gift: I give Bob everything I own, which just so happens to include my teddy bear named Fred.
If you are thinking of having a will drawn up or have questions about your current will, then please contact Signature Law for a free consultation.