Leaving a gift to your child in your Will
It is most common for people with children, when making a Will, to leave their Estate to their children. Every person who holds any asset should make a Will.
A common clause used in most Wills in relation to this type of gift might read as follows:-
“I give the whole of my estate both real and personal of whatsoever nature and wheresoever situate to my children who shall survive me and if more than one, in equal shares”.
A lot of people may not realize that the above clause will cover all of your children whether born at the time of making the Will or born after the Will had already been made.
It is important to note however, whilst this clause will cover all children either biological or adopted children, it will not include step children or foster children and these should be referred to specifically in your Will. The risk with doing itemizing children individually is that should you have further children after making the Will, those children will then not receive a share of your estate.
It is always best to seek legal advice when considering making your Will.
It is an unfortunate fact that many people do not have a current will as they are not sure how to ‘make a Will‘.
Should you need legal advice in relation to gift you would like to leave in your Will, call Geoff Brazel on 43247699. With over 36 years experience in assisting people of the Central Coast, Geoff will be able to advise you on the exactly how to prepare your Will so that your wishes are carried out the way you want them to be.