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What Type of Gifts Can You Make in Your Free Will?

At FreeLawyer.com, you can distribute your assets in two ways: specific bequests and your residuary estate.

A specific bequest allows you to ensure a particular item goes to a specific person or organization. While specific bequests are optional, they are usually the first items distributed. A specific bequest can include intangible personal property (cash, stocks, or contract rights), tangible personal property (jewelry, heirlooms, antiques, or vehicles), and real property (a house or parcel of land). When making a specific bequest, make sure you describe the gift well enough that anyone reading your last will and testament understands your intentions. One way of ensuring your intentions are understood is to include identifying features, such as serial or account numbers.

Additionally our free online will form, includes a section where you can distribute your residuary estate. Your residuary estate is the remainder of your assets after your debts are paid, trusts are fulfilled, and specific bequests are given. In this section of your free online will, the remainder of your assets are divided among your listed beneficiaries. It is important to list each beneficiary and the percentage of yours estate each beneficiary will receive.