What is the name of your state? I live in Florida
My Grandparents are getting older and have expressed to me that they would like to leave certain things to certain people in the family after they pass on. Example: My grandfather wants to leave each grandson a gun out of his collection and my grandmother wants to leave her daughter some jewelery and so on.
They want to put this into writing so there will be no question who gets what with certain items. The rest of the estate is in the will to be sold and split up equally among their children. Can They just draft a letter explaining what goes to who, sign it and have it notarized? Should this be ammended in the will? should they give these items as gifts before they pass so the heirs will not be taxed on the items? I'm not really sure what to tell them. I don't really know much about this sort of thing. Thanks in advance for any advice!
Tbull
My Grandparents are getting older and have expressed to me that they would like to leave certain things to certain people in the family after they pass on. Example: My grandfather wants to leave each grandson a gun out of his collection and my grandmother wants to leave her daughter some jewelery and so on.
They want to put this into writing so there will be no question who gets what with certain items. The rest of the estate is in the will to be sold and split up equally among their children. Can They just draft a letter explaining what goes to who, sign it and have it notarized? Should this be ammended in the will? should they give these items as gifts before they pass so the heirs will not be taxed on the items? I'm not really sure what to tell them. I don't really know much about this sort of thing. Thanks in advance for any advice!
Tbull