Tape on the Back of a Picture – Effective Estate Planning?

You work hard to accumulate the assets that you have, and you want to see those assets go to the people that you want when you pass away. When thinking about gifting specific items as part of your estate plan it is important to keep in mind the legal validity of your actions.

When I speak with clients about whether they have specific items that they want to ensure are given to a specific individual or organization, it is not uncommon for a client to say that they have “already handled it” because they have put a piece of tape or label on the back or underside of the item with that person’s name on it. It is not until we discuss the impact of doing so that they come to realize that their plan for gifting does not always lead to the outcome they are looking for.

In fact, I have assisted clients who are administering estates where items were left with names taped to them, who ultimately have to deal with court applications to determine if the deceased did in fact gift the item to a specific person. In situations such as that, not only did the plan not necessarily work but it also came at a cost to the estate by way of court application and a delay in distributing the assets.

When planning for the future, it is important to speak to a legal professional who can highlight potential issues and assist to plan for certainty, whenever possible. Our wills and estates lawyers at Harper Grey LLP can assist you with all of your estate planning needs. Please contact us to discuss more.