VocabuLaw

Bequest

What is it and what does it mean?

Description of the legal term Bequest:

Bequest describes the act of giving away personal property or assets by will. The term is used specifically in the context of testamentary dispositions, where a person, known as the testator, leaves part of their estate to a beneficiary in their will. Bequests can be of various types, including specific bequests (a particular item or fixed sum of money), demonstrative bequests (a gift from a particular source of funds) or residuary bequests (what is left of the estate after all other bequests, debts and expenses have been paid).

The process of making a bequest involves the drafting and execution of a will, in which the testator states how he wishes his estate to be distributed on his death. The execution of legacies is overseen by executors, who are responsible for administering the estate in accordance with the will.

Legal context in which the term Bequest may be used:

Example 1: Specific bequest in a will
Mrs Clark, an avid art collector, draws up a will making specific bequests of her artwork to various family members and friends. For example, she bequeaths a particular painting to her niece and a sculpture to her best friend. After Mrs Clark’s death, her executor is responsible for ensuring that each piece of art is given to the beneficiary named in her will. These specific legacies will be fulfilled before the rest of her estate is dealt with.

Example 2: Residuary bequest
Mr Thompson writes a will in which he leaves specific sums of money to several charities and individual items of sentimental value to family members. After making these specific bequests, he states that the remainder of his estate (the residuary) should be divided equally between his three children. This type of bequest is known as a residuary bequest. After the executor has paid any debts and distributed the specific bequests, the remainder of Mr Thompson’s estate is divided among his children according to the terms of the will.

In both scenarios, bequests demonstrate how individuals can control the distribution of their assets after death through a will. The process ensures that their wishes are respected and that their assets are passed on to chosen individuals or organisations. Bequests can be a meaningful way to leave a legacy, support loved ones or contribute to causes that are important to the testator.

This website is for informational purposes only and may contain inaccuracies. It should not be used as a substitute for professional legal advice.