A beneficial devise is a provision in a will that grants a person a beneficial interest in the testator's property. This means that the person, known as the devisee, is intended to receive a direct benefit from the property specified in the will. The testator, who is the person making the will, must clearly express their intention for the devisee to inherit this interest.
Beneficial devises are primarily used in estate planning and probate law. They play a crucial role in determining how a deceased person's assets are distributed. Understanding beneficial devises is essential for individuals creating wills, as well as for heirs and beneficiaries involved in the probate process. Users can manage some aspects of this process using legal templates from US Legal Forms, which provide guidance on drafting wills and devises.
Here are a couple of examples of abatement:
Example 1: A testator states in their will, "I bequeath my house located at 123 Main St. to my friend, John Doe." In this case, John Doe is the devisee and has a beneficial interest in the property.
Example 2: A testator specifies, "I leave my investment account to my daughter, Jane Smith." Here, Jane Smith is intended to receive the benefits from the investment account as outlined in the will.
| State | Key Differences |
|---|---|
| California | Allows for holographic wills, which can include beneficial devises without formal witnesses. |
| New York | Requires at least two witnesses for a valid will that includes beneficial devises. |
| Texas | Permits oral wills under specific conditions, which can include beneficial devises. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Devise | A gift of real estate in a will. | A beneficial devise specifically grants a beneficial interest, while a devise may not imply a direct benefit. |
| Legacy | A gift of personal property in a will. | Legacies typically refer to personal property, whereas beneficial devises focus on real property and interests. |
If you are a testator planning your estate, consider consulting with a legal professional to ensure your beneficial devises are clearly articulated in your will. If you are a beneficiary, review the will carefully and consider using US Legal Forms' templates to understand your rights and obligations. In complex situations, professional legal assistance may be necessary.
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A beneficial devise is a provision in a will that grants a person a direct interest in the testator's property.