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What is a Pecuniary Devise? A Comprehensive Legal Overview
Definition & Meaning
A pecuniary devise is a type of bequest that involves a specific amount of money left to a beneficiary in a will. This amount is typically payable from a designated source, such as a particular bank account or investment. If the designated source does not have enough funds, the remaining amount can be paid from the general assets of the estate. Pecuniary devises can be categorized into specific and general types, depending on how they are funded.
Table of content
Legal Use & context
Pecuniary devises are commonly used in estate planning and probate law. They allow individuals to specify monetary gifts to beneficiaries, ensuring that certain amounts are distributed according to their wishes. This term is relevant in civil law contexts, particularly in matters related to wills and estates. Users can manage these bequests through legal forms, such as wills, which can be drafted using templates provided by services like US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A testator leaves a pecuniary devise of $10,000 to their niece, specifying that it should come from a particular savings account. If that account has insufficient funds, the estate can cover the difference from its general assets.
Example 2: A will states that a beneficiary will receive $5,000, but the funds will be drawn from the estate's overall assets if the specified account is not sufficient (hypothetical example).
State-by-state differences
Examples of state differences (not exhaustive):
State
Variation
California
Pecuniary devises may be subject to specific tax implications.
New York
State laws may dictate how insufficiencies are handled differently.
Texas
Allows for additional provisions in wills regarding pecuniary devises.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Pecuniary devise
A specific monetary bequest in a will.
Focuses solely on monetary amounts.
Demonstrative devise
A bequest of a specific amount from a particular source.
Requires a designated source for payment.
General devise
A bequest that does not specify a source for payment.
Can be paid from any assets of the estate.
Common misunderstandings
What to do if this term applies to you
If you are considering including a pecuniary devise in your will, it is important to clearly specify the amount and the source of funds. You can use legal templates available through US Legal Forms to create or update your will. If your situation is complex or involves significant assets, consulting a legal professional is advisable to ensure your wishes are accurately reflected and legally sound.
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