When making a will, there are many different types of gifts you can leave for your loved ones, from family heirlooms, to donating money, to a charity close to your heart. 💛
If you’re struggling to think of what gifts to include when it comes to writing your will, we’re going to go through what kind of gifts you can leave as well as some examples. What’s important is that it’s all down to you, be as specific as possible and your will can be completely personalised to your wants and needs 🙌. Don’t have a will? You should get one today!
Who can I gift to?
Initially, it may help to make a list of all people to whom you’d like to leave something to in your will. Examples of people on this list might include your partner, children, any loved ones, friends and possibly charities. These individuals and organisations are known as your beneficiaries.
What types of gifts go in my will?
A pecuniary gift is the typical gift ((https://bequest.com/articles/wills/hat-types-of-gifts-can-i-leave-in-my-will/) within a will. This is where you gift a certain amount of money to an individual or a group of people. This money can either be given as an outright gift (which means it will be given to them directly) or it can be placed in a trust which can be accessed at a later date.
Once your debts and taxes have been paid after your passing, you can leave the remainder of your estate to one (or more) of your beneficiaries. This is known as a residuary gift.
Like we said earlier, your will is completely personal to you. Specific gifts allow you to choose a sentimental asset and who will receive it. No matter the value, these are specific to you.
If you’re not the specific kind and want to leave everything to an individual or a group, this is where non-specific gifts come in. This is always the easier option rather than going through everything you own.
Examples of gifts 🎁
These are items that are sentimental to you and your family, whether it be jewellery, antiques, artwork, the list goes on. Family heirlooms can be seen as something that connects generations who never got to meet, and they are passed down from one to another. You could even start your own heirloom; if you have an object that has a story of personal meaning, you could pass it down from generation to generation just by choosing a specific gift when writing your will. ✔️
Gifts for friends and family
If you have specific items that are close to you, your family or your friend’s heart, you may want to give some specific gifts. These items could range from anything small or big and could allow your loved ones to hold a special memory you once shared. You could gift your car to your nephew and your favourite painting to your daughter, you’re allowed to be specific!
Gifts to children
You may want to leave a certain amount of money to you or your loved one’s children. While children under the age of 18 cannot be gifted money directly, you could put it into a trust. Trusts could be used if you would like to make sure the money is put to good use, such as paying for driving lessons or going towards a deposit for a mortgage.
Gifts to charity
Many individuals choose to donate a proportion of their money to a [charity} (https://bequest.com/articles/wills/should-i-give-to-charity-in-my-will/) close to their and their loved one’s hearts. Leaving a gift to charity is also a way to reduce your Inheritance Tax Rate if 10% or more of your estate is left to charity. Whatever is left over is subject to Inheritance Tax. Make sure to be specific when you are gifting to charity in your will and mention the charity’s registration number.
Shares and investments
These can be added to your will in most situations, but require a bit more detail and complexity. If you have more questions around what you can put in your will, speak to our will writers JPEP and they would be happy to help! ✍️
It’s important to discuss your gifts with those who will be receiving them, this will mean your loved ones will know how to find your will and how to execute your gift-giving wishes. Whatever you decide to gift, we’re here to help make the will writing process as easy and as comfortable as possible.