Allocate gifts

Types of gifts

You need to decide on the gifts you want your beneficiaries to receive. There are several types of gifts, including:

• a monetary gift, however, you may want to include specific wording that takes account of inflation so that the gift doesn’t lose value over time
• a specific asset, which could be real estate, shares, a motor vehicle, furniture, jewellery or other things you own when you die
• your residual estate refers to what remains of an estate after all debts and expenses have been paid, and all specific and monetary gifts have been distributed. 

If you choose not to allocate any monetary gifts or specific assets, you make a gift of your whole estate, rather than the residual estate. 

It's important that your will is written correctly to ensure it gives away your whole estate. That's because any part of your estate not captured by your will is dealt with under intestacy laws.

Gifts can also be held on trust. There are numerous types of trusts that can set out how and to whom gifts can be distributed.

Important information

Because the information on this website is general in nature and does not cover everything you need to know, please read this important legal notice.

In addition, you should consider getting professional advice to ensure you understand what things you can, and cannot give away in your will.