Definition
Bequeath refers to the act of transferring property or assets to a beneficiary through a will. This legal action is a fundamental aspect of estate planning and helps ensure that an individual’s wishes regarding their assets are carried out after their death. The term is most commonly used within the context of personal property, such as jewelry, collections, or other tangible items, but can also include financial assets like stocks, bonds, and cash.
Examples
Example 1: Bequeathing Jewelry
Sarah created a will and specified that her prized jewelry collection would be bequeathed to her granddaughter. Upon Sarah’s passing, her granddaughter received the jewelry according to the terms of the will.
Example 2: Financial Assets
In his will, John bequeathed his stock portfolio to his nephew. After John’s death, the stocks were transferred to his nephew, ensuring that the assets were distributed as John intended.
Frequently Asked Questions
What is the difference between bequeath and devise?
Bequeath typically refers to the transfer of personal property by will, whereas devise refers to the transfer of real property (real estate) by will.
Can you bequeath debts?
No, you cannot bequeath debts. Debts are settled from the estate before any bequests are distributed to beneficiaries.
Is there a specific way to bequeath an asset in a will?
Yes, when drafting a will, it is essential to clearly list the items or assets you wish to bequeath, along with the full names of the beneficiaries who should receive them.
What happens if the item to be bequeathed is no longer owned by the testator at the time of death?
The bequest generally fails or is deemed “adeemed,” meaning the beneficiary will not receive it, since the item does not exist in the estate at the time of death.
Can a bequest be challenged?
Yes, bequests can be challenged, typically on grounds such as undue influence, lack of capacity, or if the will was not executed according to legal requirements.
Bequest
A bequest is a gift of personal property specified in a will. It can include physical items, financial assets, and other personal belongings.
Personal Property
Personal property refers to movable items that belong to an individual, as opposed to real estate or immovable property.
Will
A will is a legal document that expresses an individual’s wishes regarding how their property and affairs should be handled after their death.
Estate
An estate comprises all the property, both real and personal, that a person owns at the time of their death.
Inheritance
Inheritance refers to the assets received from the estate of a deceased person.
Online References
Suggested Books for Further Studies
- Wills, Trusts, and Estates by Robert H. Sitkoff and Jesse Dukeminier
- Estate Planning Basics by Denis Clifford
- The Complete Book of Wills, Estates & Trusts by Alexander A. Bove Jr. Esq.
Fundamentals of Bequeath: Estate Planning Basics Quiz
### What does "bequeath" specifically refer to?
- [ ] A gift of real estate through a will
- [x] A transfer of personal property through a will
- [ ] The process of creating a will
- [ ] The legal procedure of probate
> **Explanation:** Bequeath refers to the transfer of personal property through a will. It involves specifying beneficiaries who will receive particular items or assets.
### What must be specified when creating a will to bequeath an asset?
- [ ] The wishes of the executor
- [x] The items or assets and the beneficiaries
- [ ] Legal advice from a lawyer
- [ ] The existence of a joint owner
> **Explanation:** When creating a will to bequeath an asset, it is important to clearly specify the items or assets as well as the full names of the beneficiaries.
### Can debts be bequeathed in a will?
- [ ] Yes, any debt can be transferred to a beneficiary.
- [ ] Debts are split among all beneficiaries.
- [ ] Only secured debts can be bequeathed.
- [x] No, debts cannot be bequeathed.
> **Explanation:** Debts cannot be directly bequeathed in a will. They must be settled from the estate before distributing any bequests to beneficiaries.
### What happens to a bequest if the item is no longer owned by the testator at the time of death?
- [x] The bequest is deemed to have failed.
- [ ] The executor must find a replacement item.
- [ ] The value of the item is given in cash.
- [ ] The beneficiary receives an equivalent item.
> **Explanation:** If the item specified in a bequest is no longer owned by the testator at the time of death, the bequest generally fails or is "adeemed."
### What is the common term for the transfer of real property through a will?
- [ ] Bequeath
- [x] Devise
- [ ] Conveyance
- [ ] Grant
> **Explanation:** The common term for the transfer of real property through a will is "devise," whereas "bequeath" refers to personal property.
### Who ensures that a will is executed according to the deceased’s wishes?
- [ ] The beneficiaries
- [ ] Local courts
- [x] The executor
- [ ] A legal advisor
> **Explanation:** The executor is responsible for ensuring that a will is executed according to the deceased’s specified wishes, including handling bequests.
### In what document do individuals typically specify bequests?
- [x] A will
- [ ] A living trust
- [ ] A health care proxy
- [ ] An affidavit
> **Explanation:** Bequests are typically specified in a will, which is a legal document where an individual outlines how their assets should be distributed after their death.
### What term is used for the assets received from a deceased person's estate?
- [ ] Devise
- [ ] Testator gift
- [x] Inheritance
- [ ] Endowment
> **Explanation:** Inheritance is the term used for the assets received from a deceased person's estate, including any bequests specified in the will.
### What component of the estate must be settled before distributing bequests?
- [x] Debts (liabilities)
- [ ] Taxes on gifts
- [ ] The reading of the will
- [ ] The purchase of new assets
> **Explanation:** Debts (liabilities) of the deceased must be settled from the estate before distributing any bequests to beneficiaries.
### In what field of law is the act of bequeathing personal property most relevant?
- [ ] Contract Law
- [ ] Criminal Law
- [x] Probate Law
- [ ] Corporate Law
> **Explanation:** The act of bequeathing personal property is most relevant in the field of Probate Law, which deals with matters of estate administration after death.
Thank you for diving deep into understanding the intricacies of bequeathing property as part of estate planning. This knowledge is crucial for planning for the future and securing your wishes after death.
