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Gift of Property Clause within the Will

Gift of Property Clause within the Will

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About the Product

A gift of property clause is a legal provision in a will that allows an individual to give away their property to a specific person or entity upon their death. This clause is commonly used in estate planning to ensure that assets are distributed according to the individual's wishes and to avoid disputes between family members or other beneficiaries.

A gift of property clause within a will must be clear and unambiguous to be legally valid. The clause should include specific details about the property being gifted, including its location and any relevant identifying information. The clause should also clearly identify the intended beneficiary or beneficiaries of the gift.

It is important to note that any gifts made through a will may be subject to inheritance tax, which is a tax on the value of an individual's estate upon their death. There are various strategies that can be used to minimise the tax liability associated with gifts made through a will, such as utilising the annual gift allowance or creating a trust.