Legal Question in Wills and Trusts in New York

Re: Additional list of gifts

First, and most important, listen to your lawyer.

The list you describe has no legal significance unless it is mentioned (incorporated into) the Will.

To be effective a lifetime gift must be delivered or deemd to be delivered. Until that occurs, no gift has been made.

The list has not been executed in the form required for a Will.

Re: Additional list of gifts

You do not describe the language used in the new list, or the language of the Will. Unless the Will specifically refers to the document, as being a valid bequest, although extraneous to the Will itself, it may not be valid. I use language in my Wills that states the person may leave items of personal property as found in a list or schedule to be located with the Will. This allows for the extraneous document to be considered as part of the Will, but its specifics not included in the Will. If the Will involved does not include similar language to this, the document is not valid, either as a testamentary disposition, or as a current gift, as a current gift requires immediate delivery. Either the Will needs to be amended (by Codicil or new document), or the handwritten list must be changed. It could simply state that the donor (the person whose property is involved) is making an immediate gift to the recipient, but has reserved a life estate in the property and will continue to use it until he/she dies. At the time of death, the described property is to be delivered to the intended recipient. This would be an immediate gift with a retained life estate. Depending upon the value of the property, a gift tax return might be required, but the gift value would be reduced by the value of the life estate (which is actuarily calculated using IRS tables). If you need assistance, contact me directly.