BEQUEST

Summary

A bequest is a legal term for property or money that someone gives to another person or organization through their will when they die. Think of it as a planned gift that takes effect after death - it's different from gifts given while alive. Bequests are an important way people transfer wealth to family members, friends, or charities as part of their estate planning. The person making the bequest (called the testator) must follow specific legal requirements for the gift to be valid.

Usage Context

Understanding bequests is essential when studying estate planning, wills and trusts, inheritance law, and tax implications of wealth transfer. This term frequently appears in discussions about probate procedures and family wealth planning.

Common Confusions

• Confusing bequests with inter vivos gifts (gifts made while alive)
• Thinking all property transfers at death are bequests (some may be through trusts or joint ownership)
• Assuming bequests automatically transfer without legal processes
• Mixing up the terms bequest, legacy, and devise (which have technical distinctions)