SPE­CIFIC BE­QUESTS IN A WILL

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SPE­CIFIC BE­QUESTS

Many peo­ple de­cide to pro­vide for a spe­cific be­quest of a par­tic­u­lar item of prop­erty to a par­tic­u­lar ben­e­fi­ciary in their Will. Of­ten there have been prom­ises or un­der­stand­ings made within a fam­ily or with friends. Some peo­ple be­lieve that mak­ing such a prom­ise or an un­der­stand­ing known to their fam­ily or leav­ing a note as to what they wish to be done, will be suf­fi­cient in their cir­cum­stances. The only way you can en­sure that a spe­cific item of prop­erty passes to a par­tic­u­lar per­son is by stat­ing it in your Will. Gen­er­ally the costs of de­liv­er­ing a spe­cific be­quest to a ben­e­fi­ciary is the re­spon­si­bil­ity of the ben­e­fi­ciary of the item. In most cases, where items are small there is lit­tle dif­fi­culty or hard­ship in this pro­vi­sion. How­ever, if a large item re­quired trans­porta­tion to a ben­e­fi­ciary a long dis­tance away from the place it is lo­cated, then the de­liv­ery costs would be con­sid­er­able. It may be ap­pro­pri­ate in such a sit­u­a­tion to pro­vide for the costs to be paid by the es­tate. It is es­sen­tial that when mak­ing a spe­cific be­quest that the par­tic­u­lar item is de­scribed in the Will in a clear and de­tailed man­ner so that no dis­pute as to its iden­tity can oc­cur.

RISK OF ADEMPTION

Ademption oc­curs when a par­tic­u­lar item pro­vided for in a Will has ceased to ex­ist or has been sold or oth­er­wise dis­posed of by a per­son prior to their death. Any specifi c be­quest of such an item in­cluded in the Will, is no longer valid if the par­tic­u­lar item is no longer in your pos­ses­sion. The dis­tri­bu­tion of jewellery can of­ten be a dif­fi­cult mat­ter. It is best to make spe­cific pro­vi­sions to ap­ply to the jewellery so that spe­cific items are left to par­tic­u­lar peo­ple or the jewellery is to be val­ued and di­vided in some fi xed pro­por­tion.

SUM­MARY

Care needs to be taken to en­sure that any spe­cific be­quests are in­cor­po­rated in your Will and reg­u­larly re­viewed to en­sure they are cur­rent.

AP­POINT­MENTS

Payne But­ler Lang vis­its Mun­dub­bera and Gayn­dah monthly if you wish to make a Will. For an ap­point­ment please tele­phone our of­fice on 4132 8900.

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