Got will? A quick lesson on gifts . . .
Did you know that there are different types of bequests that you can make to your heirs in your will? It's true.
Specific bequests are gifts by will of a specific article or part of an estate which is identified and distinguished from all things of the same kind and which may be satisfied by the delivery of that particular thing. For example, "I direct that my 1967 Chevy Corvette Sting Ray Fastback Coupe be given to my son."
Demonstrative gifts are gifts which, by the terms of the will, must be paid from a specific source. For example, "I direct that my shares of stock in Acme Bat-Suit Company be sold and the proceeds from the sale of the shares be given to my estranged friend, Mr. Rhode Renner."
General bequests are gifts by will that are payable out of general assets of the estate, to be paid in money or property. For example, "I direct that my estate pay over 10,000.00 Clams to my friend, Frederick Arrowstone."
The Rest, Remainder and Residue, often seeming like the afterthought bequest, can be the most valuable part of the estate in a will. A gift of the residue of the estate is a bequest of all of the testator's estate not otherwise distributed - the part of the estate which is left after all of the other provisions of the will have been satisfied.
If you don't have a will, contact Gray and Duning to make an appointment. For simple wills as well as other estate planning instruments, we can provide your legal services on the same day. If you call before the close of business on February 12 to set up an appointment and mention LinkedIn, we'll draft a simple will, power of attorney, durable medical power of attorney and living will for you for $300.00. The appointment will last no more than two hours and you'll leave with basic estate planning documents in place. Contact Tia at (513) 932-2871 to set up an appointment.