“I am leaving you this in my will….”
As a child were you promised a family heirloom by a doting grandparent? Perhaps a wedding or engagement ring or a medal? Do you want your jewelry or sporting memorabilia to be enjoyed by your grandchildren or extended family?
You may still be entitled to that promised gift, based on a number of critical factors:
- the item is still in existence
- the item is still owned by the decedent at the time of death
- whether or not the item was taken by another or given to another person during the decedent’s life
But there are some practical steps you can take to make sure the gift you intend is truly gifted.
- “A warm gift is much more enjoyable than a cold one.” If the gift is no longer in full time use, why not enjoy making the gift in life and seeing it enjoyed?
- Be specific in your will. Describe items precisely and ensure they are not included in ‘your estate’. For example, ‘I gift my 2-carat diamond and gold engagement ring to my neice, Clara.’
- Make sure that others are aware of your intentions. If you wish to gift to a child, make sure their parent is aware of your intentions.
By being acting in life and being specific in your will, those ‘all this will be yours’ sentiments can be realised.
After all, this is not one way in which anyone would want to imitate Audrey Hepburn…