bequest

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Related to bequests: bequeathed

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.

bequest

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). (See: will, legacy)

bequest

noun bequeathal, birthright, demise, devisal, devise, endowment, entail, gift, heirdom, heirloom, heritable, heritage, inheritance, legacy, testamentary disposition, testamentary gift
Associated concepts: bequest by implication, bequest for life, bequest in trust, devise, gift, inheritance
Foreign phrases: Nemo plus commodi haeredi suo relinquit quam ipse habuit.No one leaves a greater advantage for his heir than he himself had.
See also: benefit, contribute, contribution, devolution, donation, dower, endowment, estate, grant, hereditament, heritage, inheritance, legacy, supply

bequest

a gift in a will.

BEQUEST. A gift by last will or testament; a legacy. (q. v.) This word is sometimes, though improperly used, as synonymous with devise. There is, however, a distinction between them. A bequest is applied, more properly, to a gift by will of a legacy, that is, of personal property; devise is properly a gift by testament of real property. Vide Devise.

References in classic literature ?
Now the wealth did not weigh on me: now it was not a mere bequest of coin,--it was a legacy of life, hope, enjoyment.
and what sort of an effect will the bequest have on you?
I could ascertain nothing in relation to it, except that the bequest was accompanied by some cynical remarks, to the effect that the testator would feel happy if his legacy were instrumental in reviving the dormant interest of only one member of Doctor Softly's family in the fortunes of the hopeful young gentleman who had run away from home.
At the end of a year he would be free to return to the cloisters, for such had been his father's bequest.
The amiable old gentleman, it seemed, had intended to leave the whole to the Royal Humane Society, and had indeed executed a will to that effect; but the Institution, having been unfortunate enough, a few months before, to save the life of a poor relation to whom he paid a weekly allowance of three shillings and sixpence, he had, in a fit of very natural exasperation, revoked the bequest in a codicil, and left it all to Mr Godfrey Nickleby; with a special mention of his indignation, not only against the society for saving the poor relation's life, but against the poor relation also, for allowing himself to be saved.
Martin has left and gone on a cruise in the South Pacific, in one of his uncle's ships; the old magpie, as disreputable as ever, his last bequest to Arthur, lives in the joint study.
An awkward interest (awkward because romantic) attaches to Miss Bud in the minds of the young ladies, on account of its being known to them that a husband has been chosen for her by will and bequest, and that her guardian is bound down to bestow her on that husband when he comes of age.
But the bequest is involved in legal disputes, and pending them the work has stopped; so that like many other great undertakings in America, even this is rather going to be done one of these days, than doing now.
If Gilbert Clennam, reduced to imbecility, at the point of death, and labouring under the delusion of some imaginary relenting towards a girl of whom he had heard that his nephew had once had a fancy for her which he had crushed out of him, and that she afterwards drooped away into melancholy and withdrawal from all who knew her--if, in that state of weakness, he dictated to me, whose life she had darkened with her sin, and who had been appointed to know her wickedness from her own hand and her own lips, a bequest meant as a recompense to her for supposed unmerited suffering; was there no difference between my spurning that injustice, and coveting mere money--a thing which you, and your comrades in the prisons, may steal from anyone?
McGregor-Lowndes and Hannah (2008) argue that testamentary freedom is now seriously challenged in Australia, and that the generational transfer of baby boomers' assets over the coming decades provides a scenario for increasing conflicts between charities and families over bequests.
In any case, determining the tax treatment of these gifts and bequests is .
When bequest needs are not verifiable, the contract cannot just pay a transfer to anyone who claims to have high bequests needs.