Bequest

Business, Legal & Accounting Glossary

Definition: Bequest



What is the dictionary definition of Bequest?

Dictionary Definition


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).

  1. The act of bequeathing or leaving by will.
  2. The transfer of property upon the owner’s death according to the will of the deceased.
  3. That which is left by will; a legacy.
  4. That which has been handed down or transmitted.
  5. A person’s inheritance; an amount of property given by will.
  6. To give as a bequest; bequeath.

Full Definition of Bequest


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’.


Cite Term


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Page URL
https://payrollheaven.com/define/bequest/
Modern Language Association (MLA):
Bequest. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. December 03, 2020 https://payrollheaven.com/define/bequest/.
Chicago Manual of Style (CMS):
Bequest. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/bequest/ (accessed: December 03, 2020).
American Psychological Association (APA):
Bequest. PayrollHeaven.com. Retrieved December 03, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/bequest/

Definition Sources


Definitions for Bequest are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 8 Views.