Leaving someone a gift takes thought and a proactive move in the direction of making a will. You can talk all you want about who you want to leave your property to when you die, but if you do not create a legal writing, namely a will, the courts will look to the laws regarding Intestate Succession. Intestate succession means that you have passed on without a will and your property, both personal and real, will be divided according to the intestate laws of Florida.
Making a will sounds simple, but in fact, you need to be deliberate in your choices as to who and how you want to make such gifts.
The gifts that are given to the named inidividuals or organizations in your will are known as a bequest. There are four different types of bequests that can be mentioned in a will.
Specific bequest or gift. Giving someone something specific. Such a gift is easily identifiable, such as a piece of real property or piece of jewelry.
Demonstrative bequest or gift. Giving someone a gift that must be paid out of specific source, such as a named stock fund.
General bequest or gift. Such a gift is usually of money. It is usually stated in the will as being payable out of general assets of the estate.
Residurary bequest or gift. After the payment of estate debts, other gifts and such, the remainder of an estate that is given to someone specific or a group of recipients. The residuary is what is leftover is also called a remainder bequest.
Lizbeth Potts, P.A. can help you with drafting your will and other important estate planning documents in accordance with Florida law to make sure your “house is in order”.
Making a will sounds simple, but in fact, you need to be deliberate in your choices as to who and how you want to make such gifts.
The gifts that are given to the named inidividuals or organizations in your will are known as a bequest. There are four different types of bequests that can be mentioned in a will.
Specific bequest or gift. Giving someone something specific. Such a gift is easily identifiable, such as a piece of real property or piece of jewelry.
Demonstrative bequest or gift. Giving someone a gift that must be paid out of specific source, such as a named stock fund.
General bequest or gift. Such a gift is usually of money. It is usually stated in the will as being payable out of general assets of the estate.
Residurary bequest or gift. After the payment of estate debts, other gifts and such, the remainder of an estate that is given to someone specific or a group of recipients. The residuary is what is leftover is also called a remainder bequest.
Lizbeth Potts, P.A. can help you with drafting your will and other important estate planning documents in accordance with Florida law to make sure your “house is in order”.
