What You Need To Know
Leaving Property to Heirs
In a typical will, there are two types of gifts: specific gifts and general gifts. Specific gifts, which leave a particular object to someone, are optional – but they are the first gifts that are bestowed from a will. For example, a specific gift might read: “I leave to my daughter Cynthia my engagement ring.” You can also choose to forgive a specific debt that someone owes you.
A general gift leaves a percentage of all that remains after the specific gifts are made. The people who receive these general gifts are known as “principal heirs” because they usually receive the bulk of the estate after the smaller gifts and valuables are distributed. Usually, the principal heir is the will maker's spouse or closest relative. Each will must have at least one principal heir. For example, the principal heir clause might state something like, "All the rest of my property I leave to [name of principal heir]."
The personal representative you appoint in the will (known as the “executor”) is responsible for dividing up the gifts and making sure that your wishes are carried out.
|
