This section will not appear if you answered "Yes" to the first Beneficiaries question.
You can choose to leave gifts of specific amounts of money to people in your will. But don't use this section if you are leaving the balance of a bank or other account without specifying a particular amount. (Use the Gifts of assets and personal possessions section for that.)
If you have joint bank accounts which are held as joint tenants, when you die the account will automatically pass to the other person, whatever your will says. Therefore, to avoid a disappointed beneficiary, we suggest that you only make cash gifts out of money you hold in your own name.
For each cash gift you wish to make, you will need:
- the amount the person is to receive, e.g. £10,000;
- whether the gift is to be free of inheritance tax;
- the full name and address of the recipient; and
- the recipient’s relationship to you (if any) (e.g. your nephew, your granddaughter, etc).
There is no limit to the number of cash gifts that can be included in your will.
You can choose for a cash gift to be index-linked or not. Index-linked basically means that the value of the gift will keep pace with inflation between the time your will is written and when you die.
You don't have to make cash gifts to specific individuals in your will. If you decide not to, all the money in your estate will simply form part of your residuary estate.
If you want to leave gifts of particular assets or items of sentimental value to nominated individuals, you should use the Gifts of assets and personal possessions section of the interview. This includes the balance of a bank or other account if you are not specifying a particular amount.
For more information, see our page Gifts in wills.