Best Probate Attorneys in Centennial, CO

There are different types of gifts that you can leave in a will: Pecuniary gifts A pecuniary gift, also referred to as a ‘pecuniary legacy’, is a fixed sum of money left to a specific individual or group of people in a will. The gift can be given to the recipient directly (known as an ‘outright gift’) or placed in a trust, which the person can access later. Specific gifts Specific gifts in a will are made up of one or more dedicated assets that are handed over in a will, such as jewelry or artwork etc. This is very common. Residuary gifts A gift of residue, or residuary estate, is a term applied during probate when somebody is gifted whatever remains of the estate after the distribution of assets and payment of any related debts, taxes and fees. In some cases, a residuary estate may be the only gift left in a will and the recipient will simply gain control of the entire estate. Of course, the first gift I suggest is to put together an estate plan. This is the gift you give not only to yourself but to your loved ones. It ensures that they know your wishes and can carry out your legacy as you want.