bequest


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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 periodicals archive ?
Hence, it would be of smaller utility value than an old person's gift or bequest as the latter transfers are directed towards the next generation, which implies [[beta].sup.*.sub.1] 1, [[beta].sup.*.sub.2] > 1.
The PIK study is based on a consensus in the economic literature that bequest dynamics are a major determinant of the distribution of wealth.
Perpetual is the Trustee of the Marten an Askin Bequests. Eligibility and criteria for The Marten Bequest and Askin Bequest scholarships can be found on the Australia Councils website.
Donors may be reluctant to do this if they wish to remain off the radar of the organization during their life, but CPAs can have this conversation directly with the organization on behalf of the anonymous donor as part of the due diligence for future bequests. Proactive and early discussions can ensure a better-crafted and therefore better-followed bequest restriction.
Leaving a bequest that is less than desired may cause disappointment.
Contact Marybeth Gardam to find out all you need to know to make your gift or bequest to WILPF.
Critique: "The Bequest" is the sequel to Nancy Boyarsky's first novel featuring the adventures of Nicole Lewis "The Swap" (9780692298442, $9.99 PB, $2.99 Kindle) and once again demonstrates Boyarsky as a master storyteller of the first order.
We then solve the problem for all j types of E + S--1-aged individuals in period t = 1, each of which entails labor supply decisions in the current period [n.sub.j,E+S-1,1] and in the next period [n.sub.j,E+S,2], a savings decision in the current period for the next period [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] and an intended bequest decision in the last period [[??].sub.j,E+S+1,3].
Respondents who indicated it was important to leave a bequest for their children or step children were also asked how they would divide their assets among their children.
Absent any insurability risk, it would therefore appear to be optimal to purchase life insurance contracts later in life, when bequest needs are better known.
102(a) states that gross income shall not include the value of property acquired by gift, bequest, devise or inheritance (a "gratuitous transfer").