Bequest: A Comprehensive Guide to Its Legal Meaning and Types

Q: Can I change a bequest after my will is written?

Yes, you can change a bequest by updating your will, but it must be done according to state laws to ensure it is valid.

Q: Is a bequest taxable?

Generally, bequests are not subject to income tax for the beneficiary; however, estate taxes may apply depending on the estate&#039;s value.

Definition & Meaning

A bequest is a type of gift specified in a will, typically involving personal property rather than real estate. Personal property includes movable items like jewelry, vehicles, or cash. Bequests can also be referred to as legacies. There are various forms of bequests, including conditional bequests, which depend on certain events occurring, and executory bequests, which are contingent on future events. A bequest may involve specific assets or encompass the residue of the estate, which is what remains after all specific gifts and debts are settled.

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Legal Use & context

Bequests are primarily used in estate planning and probate law. They are essential for determining how a person's assets will be distributed after their death. Legal practitioners often draft wills that include bequests to ensure that the decedent's wishes are honored. Users can manage their estate planning by utilizing legal templates available through services like US Legal Forms, which provide ready-to-use documents drafted by attorneys.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

Example 1: A person may include a bequest in their will stating, "I bequeath my vintage car to my nephew, John." This specifies a particular asset for a specific beneficiary.

Example 2: A will might state, "I bequeath the remainder of my estate to my children, after all debts and specific bequests have been paid." This is an example of a residue bequest. (hypothetical example)

State-by-state differences

Examples of state differences (not exhaustive):

State	Key Differences
California	Allows for handwritten bequests under certain conditions.
Texas	Requires two witnesses for a valid will that includes bequests.
New York	Allows for nuncupative (oral) bequests in limited circumstances.

This is not a complete list. State laws vary, and users should consult local rules for specific guidance.

Comparison with related terms

Term	Definition
Bequest	A gift of personal property made in a will.
Devise	A gift of real property made in a will.
Legacy	Another term for a bequest, often used interchangeably.

Common misunderstandings

What to do if this term applies to you

If you are considering making a bequest, start by outlining your wishes clearly in a will. It may be beneficial to consult with a legal professional to ensure your bequest is valid and meets state requirements. Additionally, you can explore US Legal Forms for templates that can help you draft your will and include bequests effectively. If your estate is complex, seeking professional legal assistance is advisable.

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Quick facts

Bequests can include cash, personal items, or specific assets.
They are governed by state probate laws.
Bequests may be conditional or unconditional.
Clear identification of beneficiaries is essential.
Legal templates for wills are widely available.

Key takeaways

Frequently asked questions

What is the difference between a bequest and a legacy?

A bequest is specifically a gift of personal property, while a legacy can refer to either personal or real property, though it is often used interchangeably with bequest.