What is a specific gift?
This is where your will gives something you own to another person, a group of people (a class), a charity or other organisation.
You can make gifts of:
- Money
- Specific Items
- Property, e.g. a house or flat
- Stocks or shares
Note: Specific gifts are distributed before your Residuary Estate is divided up, so they do not form part of your Residuary Estate.
What is a beneficiary?
A beneficiary is a person, a class of people or an organisation to whom the will leaves a gift. This could be a specific gift made in Step 3, or a gift of the estate residue made in Step 4.
What is a substitute beneficiary?
A substitute beneficiary is a beneficiary that will receive a gift made by the will, if the primary beneficiary dies before the testator.
To whom should I give a gift?
This is entirely up to you. You can give your things to whomever you wish.
Many wills do not give any specific gifts, leaving everything to be distributed by the residuary clause.
What if a beneficiary dies before me?
If your will makes a gift to someone who subsequently dies before you, the gift will fail and will form part of your residuary estate.
A substitute beneficiary can be appointed to receive the gift if the original beneficiary dies before you.
To include a substitutional clause in your gift, click in the check box 'Show options for if a beneficiary dies before me'
What is a 'class' of people?
This is a group of people that can be identified by a common characteristic.
A typical example of a class would be 'my Grandchildren'. The members of this class are easy to identify (the children of your children!).
If you use a class rather than naming all of your grandchildren in your will, you won't have to amend your will every time a new grandchild is born.
Your will can leave gifts to a class of people, e.g. I give $1,000 to each of my grandchildren, or I give $20,000 to be split equally between my brothers and sisters.
Note: if you are naming your own class (select 'other class'):
1. the class members must be easy to identify:
- e.g. something like 'my friends' is too non-specific and subjective
2. the class must not be too big and unmanageable:
- e.g. something like 'everyone of the Christian faith in Tasmania' is unworkable for your executors.
Good examples of classes are things like:
- my brothers and sisters and nieces and nephews.
- my three team mates of the 1989 Byron Bay Bowls Cup winning team.
- my employees at Byron Bay Motors at the time of my death.
Class members conceived after the date of your death will not be included.
Gift Type: A sum of money
You can leave a sum of money to a person, a class of people, a charity or other organisation.
If you leave a sum of money to a class of people, you have the option of the sum specified being divided equally among the class members, or each member receiving the sum specified.
Gift Type: A specific item or items
You can leave a specific item or items to a person, a class of people, a charity or other organisation.
If you are leaving a specific item, you must adequately describe it. The gift will fail if it cannot be distinguished from other similar items.
For example: "I leave my watch to my son Bill Bryson" will fail if you have several watches. Give a better description such as: "I give my gold Cartier watch ..."
Typical examples of specific items are: "my ... "
- "jewellery"
- "art collection as described in the enclosed schedule" (you must ensure that you enclose a schedule with the will that details which paintings etc. are included)
- "Clarice Cliff antiques" (an antiques collection could also be described in a schedule)
- "Cars that I own at the time of my death"
Note: if any gift fails, it will form part of your residuary estate to be distributed among your residuary beneficiaries.
Gift Type: stocks and shares
You can leave stocks and shares in a company to a person, a class of people, a charity or other organisation.
Note: If leaving shares to a class of people, some share registrars do not allow a single shareholding to be divided among several beneficiaries. In this case your executors will have to sell the shares.
Note: You must be entitled to the shares on death.
Gift Type: Real Property, e.g. a house, land etc.
You can leave real property such as a house, apartment or land to a person, a class of people, a charity or other organisation.
Note: If your property is jointly owned as 'joint tenants', when you die, your interest in the property will automatically pass to the surviving joint owner(s) regardless of any contrary provisions in your Will.
Gift Type: A right to live in a property
You can allow a person to remain in a property you own after you die without giving them the property.
This is useful if you are the sole owner of a property and are cohabiting. When you die you may want to give the property to your children but still allow your partner to remain in the property.
You can specify that the beneficiary can remain in the property until they die or until they remarry.
This clause is structured so that the beneficiary will be responsible for the upkeep and insurance of the property. This will be a condition upon which they can remain in the property.
This gift is currently unavailable but is in development.