Hi Alice, thanks for you enquiry. First and foremost, a Will only covers those items and assets you own at th date of death. Hence, if you have given any items of jewellery away during your lifetime, they do not form part of your Estate, and it is therefore perfectly fine for you to do this, and is a guaranteed way of knowing that the person ou wanted to have your jewellery has indeed received it. If you have not given away all your jewellery during your lifetime, whatever items remain in your possession form part of your "residual estate" unless you have specifically mentioned in your Will or COdicil who stands to inherit these itms. The "residual estate" or sometimes referred to as your residuary estate meansany assets you own apart from those items ou have specifically left to a named individual. So, for example, your Will probably has various gifts listed, and will then say-" whatever is left in my Estate I to be divided between x,y and z". x,y and z are the beneficiaries of your residuary estate, If your residuary estate includes some of your jewellery it would then be up to your Executors to divide the jewellery between x,y and z.
If you have made a Codicil leaving certain items of jewellery to named individuals, but you have given these items of jewellery away during your lifetime, you should NOT put a line through the legacy contained in your Codicil. Indeed, you should not write or mark either your Will or Codicil as it may cause your Will and Codicil to be invalidated. Instead, you should just leave a note with your Will and Codicil saying that certain legacies are not longer applicable as you have already given those items away during your lifetime. As I said at the start of my answer, your Will and Codicil only comprises the assets still in your possession at the date of death, so if you have already given them away, the appropriate clause leaving those items in your Will/Codicil will just be null and void on the basis that the named individual has already received the specified item of jewellery. I hope this assists and answers your question. Kind Regards Al
Can I assist you any further?
Hi Alice, please would you be kind enough to rate my answer, if I have helped you. Thanks Al