A bequest is mainly a property which is given by the will. Historically the term bequest was used by the personal property which is given by the will and is considered as the deviser for real estate property. But today, the two words are used interchangeably. The word bequeath is a word that acts as the verb form for the act of the act of making a bequest.
You should know that part of the probate process relates to interpreting the instructions in a will. Some of the wordings define the scope for the bequest with various interpretations. A sentence, "All the estate I own," would involve all the descendants ownership at the moment of the death.
There are several types of bequest
A conditional bequest is the one that will be given only if a particular event which has occurred during its operation. For instance, a testator can write, in the will, that many will receive the house held in the trust if she is married or if she has any children.
There is another part, which is called, executory bequest, it is granted only if the particular event occurs in the future.
There are other definitions of the bequest. A bequest is a financial term that is described as the act of giving assets such as stocks or bonds, jewellery, and cash to any individual or any organization through the provision of the will or an estate plan. Bequests can be made to the family members or your friends, or charities. When real estate is left through the will, it is known as a device.
In general, gifts are considered as the trust, which is commonly utilized by the parents or grandparents who are looking to establish a trust fund for their own children and grandchildren. However, charitable gifts which are given after death, and that is also known as legacy gifts, which also have the power to reduce the estate taxes. And surprisingly enough, these kinds of bequests can be really important sources of fundraising for the non-profit organizations. When these bequests are intended for a specific purpose, that time it is known as the endowment.
Bequests and estate planning are intricately connected. Families or individuals who are looking forward to growing and preserving the assets for future generations who are greatly benefitted from the creation of the formal estate plan.
