SPECIFIC BEQUESTS IN A WILL
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 Any specifi c bequest of such an item included in the Will, is no longer valid if the particular item is no longer in your possession.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.
Care needs to be taken to ensure that any specific bequests are incorporated in your Will and regularly reviewed to ensure they are current.
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.