A bequest is a legal term that refers to the act of leaving personal property or assets to someone in a will or testamentary document. It is a specific provision in a person’s will that designates certain property or assets to be given to a particular individual or entity upon the testator’s death. Bequests can be of various types, such as specific bequests (designating a particular item or asset), general bequests (specifying a certain amount of money), or residuary bequests (transferring any remaining assets after specific gifts have been distributed). Bequests allow individuals to distribute their property according to their wishes and provide for loved ones, charitable organisations, or other beneficiaries. They play a significant role in estate planning and the transfer of wealth from one generation to another.
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).
- The act of bequeathing or leaving by will.
- The transfer of property upon the owner’s death according to the will of the deceased.
- That which is left by will; a legacy.
- That which has been handed down or transmitted.
- A person’s inheritance; an amount of property given by will.
- To give as a bequest; bequeath.
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’.
A bequest is a legal term referring to the act of leaving property or assets to someone in a will. This can include real estate, money, personal belongings, or any other type of valuable asset. The person making the bequest is known as the testator, and the person receiving the bequest is known as the beneficiary. Bequests are an important aspect of estate planning and are subject to specific legal requirements and regulations.
A bequest is a gift of personal property or real estate made through a will.
Anyone who is of legal age and has the capacity to make a will can make a bequest.
Any type of personal property or real estate can be bequeathed, including money, jewellery, artwork, and real estate.
Yes, a bequest can be made to a charity or other non-profit organisation.
Yes, a bequest can be contested if there is evidence of fraud, undue influence, or lack of capacity on the part of the testator.
Yes, a bequest can be changed through the creation of a new will or a codicil to an existing will.
If a bequest is not specifically mentioned in a will, it will not be distributed to the intended recipient.
Yes, a bequest can be made to a minor, but it may need to be held in trust until the minor reaches the age of majority.
Yes, a bequest can be made to a pet, but it may need to be held in trust for the care of the pet.
The tax implication of a bequest depends on the value of the property being bequeathed and the tax laws in the jurisdiction where the testator lived. It is recommended to consult with a tax professional for specific advice.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 6th April, 2024.
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