bequest

(redirected from bequests)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.
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 periodicals archive ?
As with other charitable gifts, you can direct how your bequest is used.
The deduction for bequests to charitable organizations, $9.
Previous recipients of Marten Bequest travelling scholarships include celebrated author Tim Winton, and acclaimed visual artist Wendy Sharpe.
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.
The Jane Bibber Bequest has fueled one branch's local activism for many years.
For bequests, the date of receipt is the date the bequest is distributed from the trust or estate, except when it passes by operation of law or a beneficiary designation, in which cases the date of receipt is the date of death.
McGregor-Lowndes and Hannah (2008) argue that family provision legislation has presented difficulties for others, such as charities, to benefit from bequests.
102(a) states that gross income shall not include the value of property acquired by gift, bequest, devise or inheritance (a "gratuitous transfer").
We are grateful for helpful comments and suggestions from Tobias Bohm, Christophe Courbage, Michael Hoy, David Myatt, Ray Rees, Francois Salanie, Achim Wambach, seminar participants at the EGRIE meeting in Toulouse and at the Symposium on Annuities and Bequests in Zurich, as well as four referees.
This year, NERF's income was affected by both bequests with specific criteria and the global financial crisis.
Often, he said, family members "don't understand that charitable bequests in a will can have fairly significant benefits in estate planning.