SPECIFIC GIFT
Back to GlossaryDefinition
A specific identifiable item or group of items, such as for example a family heirloom, transferred to a specific person or group of people.
Summary
A specific gift is a clearly defined, identifiable item or collection of items that is designated to be transferred to a particular person or group through a will or estate plan. Unlike general gifts (which come from the general estate) or demonstrative gifts (which specify a funding source), specific gifts involve particular, unique items that can be precisely identified and distinguished from other property. The key characteristic is that both the gift and the recipient are specifically named and identifiable.
Usage Context
Understanding specific gifts is crucial when studying wills and estate planning, particularly when learning about different types of bequests, the order of payment from estates, and legal concepts like ademption. This term is essential for distinguishing between various gift types and understanding how estate assets are distributed.
Common Confusions
- Confusing specific gifts with general gifts (money from general estate)
- Not understanding what happens when the specific item no longer exists (ademption)
- Thinking specific gifts must be valuable items rather than any identifiable object
- Confusing specific gifts with gifts made during lifetime
- Not realizing that specific gifts take priority over general gifts in estate distribution
