You Cannot Give What You Don't Have

Your will can sometimes be seen as your final words to your loved ones. You may want to set out specific gifts to the people who you cherish most or who have helped you out during your lifetime. But as in life, you need to make sure you can actually afford or are able to make these gifts on your death.

Perhaps you want to leave a small token of affection to a family member or friend, such as a special painting you own, or maybe it is something a bit more extravagant such as your collector car or even an entire bank or investment account. In considering whether to leave a specific asset to a beneficiary, you need to consider what would happen if you don't actually own that asset on your death.