Business, Legal & Accounting Glossary
n. the gift of personal property under the terms of a will. Bequests are not always outright, but may be “conditional” upon the happening or non-happening of an event (such as marriage), or “executory” in which the gift is contingent upon a future event. Bequest can be of specific assets or of the “residue” (what is left after specific gifts have been made).
Any disposal of the estate made under a will except for Immovable property (essentially buildings and land), which is called a ‘Devise’ or money, which is called a ‘Legacy’.
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This glossary post was last updated: 26th April, 2020 | 9 Views.