bequests

A bequest is a provision in a person’s will by which property or its value is transferred to a named beneficiary after the testator’s death. Bequests are testamentary dispositions and differ from gifts made during life (inter vivos gifts). The term is often used interchangeably with legacy.

Common forms of bequests include: pecuniary bequest (a fixed sum of money); specific bequest (a particular item, such as a piece of art or land); general bequest (a sum to be paid from the estate’s general assets); demonstrative bequest (a sum payable from a particular source); residuary bequest (what remains of the estate after all debts, taxes, and other bequests); contingent bequest (only if a condition is met); and charitable bequest (a gift to a charity).

Bequests must be included in a valid will and rely on testamentary capacity and proper formalities, which vary by jurisdiction but typically require a written document signed by the testator and witnessed. After death, an executor administers the estate, pays debts and taxes, and distributes property according to the bequests. If a beneficiary predeceases the testator, the bequest may lapse, though anti-lapse provisions or substitutions may apply in some jurisdictions.

Wills can be revoked or amended by subsequent instruments such as codicils or new wills. Certain events, such as divorce, can affect spousal or other bequests depending on local law. Bequests may be subject to estate or inheritance taxes, and recipients may face income tax in some situations. Charitable bequests are common tools in estate planning to support causes after death.