One of the great myths about Wills is that you need to be wealthy to have one. But the truth is, almost everyone has something that is precious to them.
If you have a particular recipient in mind for some of your possessions, you can make sure they receive them after you’re gone by leaving a bequest in your will.
Read on to find out exactly how a bequest works and how to leave one.
What is a Bequest in a Will?
A bequest is a gift of personal property, real estate, or money that is left to an individual or organisation in a will. It is a great way to ensure your loved ones or favourite charities receive the gifts or assets that are important to you after you pass away.
Why Leave a Bequest in Your Will?
Whether you own a piece of jewellery passed down through the family or a prized piece of artwork that will be worth money in the future – it’s natural to want to safeguard it after you’re gone.
While your legacy is much more than the things you leave behind, they are still an important part of it. They can be a powerful way to make a difference in the lives of your loved ones even after you’re gone. A bequest can also be used to reduce the tax burden on your estate, allowing you to leave more to your beneficiaries.
Who Can Receive a Bequest?
You can leave a bequest in your will to any individual or organisation that you choose.
This can include:
- Family members
- Friends
- Charities
- Any other organisation
Essentially, whoever you want to receive your belongings can be included, you just need to bequest it.
How to Leave a Bequest in Your Will
Now that you know the benefits of leaving a bequest, here is how to do it.
1. Choose the Recipient of Your Bequest
The first step is obvious – you have to decide who will receive your gifts. If you are only leaving a small number of belongings, or if all your bequest only names one recipient, this shouldn’t be too difficult.
But if your bequest is more complicated, make sure you allow yourself plenty of time to get it right.
2. Choose the Type of Bequest You want to Leave in Your Will
There are several types of bequests that you can leave in your will, including:
- Specific bequest: Gifting a specific item, such as a piece of jewellery, art, or even a property
- Residuary bequest: Gifting the remainder of your estate after specific gifts and debts have been paid
- Percentage bequest: Gifting a percentage of your estate, rather than a specific amount
- Conditional bequest: Gifting based on a contingency that certain conditions are met (like a charity using the funds for a specific purpose)
Remember, your legacy is your choice. You don’t have to nominate just one of these options. Often more complex estates will have a combination of different bequests in their Will.
3. Inform Your Solicitor
Once you know who and what will form a part of your bequest, inform your solicor so they can draft the necessary changes to your Will. If you haven’t already got a Will, then hire a solicitor to help you create one and add the bequest as they go.
4. Confirm Both the Bequest and Will are Legal
Once your Will is complete, it is vital your solicitor makes sure to review it to confirm it is legally valid and enforceable.
5. Enjoy Your Peace of Mind
That’s it! You can enjoy the peace of mind that your legacy is secured and your loved ones will receive your most prized or cherished gifts.
Have You Considered a Funeral Director?
As with any decision regarding a funeral or the death of a loved one, choosing the right funeral director can make a big difference to your stress levels throughout the grieving process. They can help organise things like flowers for funerals, help you choose funeral songs, or even give advice on writing a eulogy.
At Coast Family Funerals, we can direct burial and cremation services and help you with all the necessary preparations.
So if you’re planning a funeral, or know someone who might appreciate some advice, please don’t hesitate to get in touch.