BEQUEST
A gift of PERSONAL PROPERTY, such as money, stock, bonds, or jewelry, owned by a decedent at the time of death which is directed by the provisions of the decedent’s will; a legacy.
A bequest is not the same as a devise (a testamentary
gift of real property) although the
terms are often used interchangeably.When this
occurs, a bequest can be a gift of real property if
the testator’s intention to dispose of real property
is clearly demonstrated in the will.
There are different types of bequests. A charitable
bequest is a gift intended to serve a religious,
educational, political, or general social
purpose to benefit mankind, aimed at the community
or a particular segment of it. Charitable
bequests also reduce the estate taxes that might
be owed on the estate left by a decedent.
A demonstrative bequest is a gift of money
that must be paid from a particular source, such
as a designated bank account or the sale of stock
in a designated corporation.
A general bequest is a gift of money or other
property that can be paid or taken from the
decedent’s general assets and not from a specific
fund designated by the terms of the will.
