Giving

Question 1

Specific gifts:

Answer 1

particular item or property in an estate transferred to beneficiary on owner’s death. Specifics must be provided. (house, jewelery, etc.)

Question 2

Non-specific gifts -

Answer 2

does not refer to specific item. (all my personal possessions)

Question 3

Residuary gifts -

Answer 3

everything left in estate after all debts, bills and taxes have been paid and specific and non specific gifts have been distributed

Question 4

Gifts to children -

Answer 4

executors will keep for safekeeping gifts to children under 18 until they become of age unless will specifies guardian or parents take receipt of gift on child’s behalf

Question 5

Gifts to charities -

Answer 5

Gifts left to charity in will are free from inheritance tax.