Bequest
Overview
A bequest is a formal gift or transfer of property made through a will or trust that takes effect upon the death of the person making the gift (known as the testator). It is one of the most fundamental elements of estate planning, allowing individuals to legally distribute their assets to specific beneficiaries after their passing.
Types of Bequests
1. Specific Bequest
- A gift of a particular, identifiable item
- Example: "I leave my grandmother's diamond ring to my daughter Jane"
2. General Bequest
- A gift that can be satisfied from the general assets of the estate
- Example: "I leave $10,000 to my nephew John"
3. Residuary Bequest
- A gift of whatever remains in the estate after all other bequests are satisfied
- Example: "I leave the remainder of my estate to my son William"
4. Demonstrative Bequest
- A gift that is to be paid primarily from a specific source
- Example: "I leave $50,000 to my sister Mary, to be paid from my savings account at First National Bank"
Key Considerations
Legal Requirements
- The testator must have legal capacity
- The bequest must be properly documented in a valid will
- The intention must be clearly stated
- The beneficiary must be clearly identified
Common Issues
- Ademption: When the specifically bequeathed property no longer exists
- Abatement: When the estate lacks sufficient assets to fulfill all bequests
- Lapse: When the beneficiary dies before the testator
Differences from Similar Terms
| Term | Definition | Key Difference |
|---|---|---|
| Bequest | Gift of personal property through a will | Applies only to personal property |
| Devise | Gift of real property through a will | Applies only to real estate |
| Legacy | General term for a gift left in a will | Broader term encompassing both |
Frequently Asked Questions
Q: Can a bequest be changed during the testator's lifetime?
A: Yes, as long as the testator has mental capacity, they can modify their will and any bequests within it.
Q: What happens if a bequest fails?
A: If a bequest fails (due to ademption, lapse, etc.), the property typically falls into the residuary estate.
Q: Can conditions be attached to a bequest?
A: Yes, conditional bequests are possible, but they must be legal and not against public policy.
Summary
Understanding bequests is crucial for effective estate planning. They provide a legal mechanism to ensure your wishes regarding property distribution are carried out after death. Proper planning and clear documentation of bequests can help avoid family disputes and ensure smooth asset transfer to intended beneficiaries.
Note: While this information provides a general overview of bequests, it's recommended to consult with a qualified estate planning attorney for specific advice regarding your situation.
Important Considerations
- Regular review and updates of bequests
- Clear identification of beneficiaries
- Proper documentation
- Understanding tax implications
- Consideration of alternative beneficiaries
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Related Terms
Here are some related terms that are relevant to the estate planning term "Bequest":
Synonyms:
- Legacy
- Devise
- Gift
- Inheritance
Antonyms:
- Disinheritance
- Escheat
Related Terms:
- Will
- Trust
- Estate Planning
- Probate
- Testator
- Beneficiary
- Executor
- Ademption
- Abatement
- Lapse
These terms cover a range of concepts related to bequests, including the legal mechanisms for transferring property, the parties involved, and potential issues that can arise. Understanding these related terms can provide valuable context and help individuals navigate the complexities of estate planning and asset distribution.
