Your Beneficiaries are the people who you are gifting your estate. By making a Will you have full control over who you can leave your assets to.
When gifting Beneficiaries under the age of 18, you have the power to dictate when you will like them to inherit from you. Whilst they are underage, it will be the role of your Executors to protect and invest their inheritance on behalf of the Beneficiary.
There are different types of gifts you can leave to your Beneficiaries:
- Specific gifts – These include an item or group of belongings owned by the Testator and distinguished in the Will. This could be jewellery, cars or collections.
- General gifts – This is a gift that the Testator can leave without owning. For example the Testator might leave the Beneficiary a car, the money from the estate would then be used to buy the gift stated.
- Residuary gift – This is the gift of the Testator’s property and belongings. If no other gifts are mentioned in the Will then the whole estate becomes a residuary gift.