Definition
Bequeath refers to the act of transferring property or assets to a beneficiary through a will. This legal action is a fundamental aspect of estate planning and helps ensure that an individual’s wishes regarding their assets are carried out after their death. The term is most commonly used within the context of personal property, such as jewelry, collections, or other tangible items, but can also include financial assets like stocks, bonds, and cash.
Examples
Example 1: Bequeathing Jewelry
Sarah created a will and specified that her prized jewelry collection would be bequeathed to her granddaughter. Upon Sarah’s passing, her granddaughter received the jewelry according to the terms of the will.
Example 2: Financial Assets
In his will, John bequeathed his stock portfolio to his nephew. After John’s death, the stocks were transferred to his nephew, ensuring that the assets were distributed as John intended.
Frequently Asked Questions
What is the difference between bequeath and devise?
Bequeath typically refers to the transfer of personal property by will, whereas devise refers to the transfer of real property (real estate) by will.
Can you bequeath debts?
No, you cannot bequeath debts. Debts are settled from the estate before any bequests are distributed to beneficiaries.
Is there a specific way to bequeath an asset in a will?
Yes, when drafting a will, it is essential to clearly list the items or assets you wish to bequeath, along with the full names of the beneficiaries who should receive them.
What happens if the item to be bequeathed is no longer owned by the testator at the time of death?
The bequest generally fails or is deemed “adeemed,” meaning the beneficiary will not receive it, since the item does not exist in the estate at the time of death.
Can a bequest be challenged?
Yes, bequests can be challenged, typically on grounds such as undue influence, lack of capacity, or if the will was not executed according to legal requirements.
Related Terms
Bequest
A bequest is a gift of personal property specified in a will. It can include physical items, financial assets, and other personal belongings.
Personal Property
Personal property refers to movable items that belong to an individual, as opposed to real estate or immovable property.
Will
A will is a legal document that expresses an individual’s wishes regarding how their property and affairs should be handled after their death.
Estate
An estate comprises all the property, both real and personal, that a person owns at the time of their death.
Inheritance
Inheritance refers to the assets received from the estate of a deceased person.
Online References
Suggested Books for Further Studies
- Wills, Trusts, and Estates by Robert H. Sitkoff and Jesse Dukeminier
- Estate Planning Basics by Denis Clifford
- The Complete Book of Wills, Estates & Trusts by Alexander A. Bove Jr. Esq.
Fundamentals of Bequeath: Estate Planning Basics Quiz
Thank you for diving deep into understanding the intricacies of bequeathing property as part of estate planning. This knowledge is crucial for planning for the future and securing your wishes after death.