Importance of Bequest in Will Planning
An inevitable faith we all share is that sooner or later we pass away. This means facing the death of your loved ones or preparing for your own death in the future. While the very thought of losing friends and family members are morbid, there is no denying that a person’s last will and testament brings confusion too many.
Individuals who have close relations or have a solid relationship with the deceased may find themselves being bequeathed with special requests. As terminologies may sometimes be confusing and overwhelming, familiarising yourself with some of the commonly used terms will greatly help your case.
Bequests or a bequeathal of items or gifts happens upon death via a last will. Know more about bequeathals and how knowledge on these will come in handy for the future.
‘Bequeath’ can be defined as the giving or transferring personal assets or gifts to another person. This term comes from the word ‘bequest’, which means to give or to leave through a last will and testament. Individuals who draw up their will may bequeath their personal possessions to another person, a charitable institution, or an organisation of their choosing.
Bequest and Estate Planning in Relation to a Will
While bequest and estate planning bear similarities to one another, both of these differ from each other by a single point. Although bequests generally concern itself with gifts and prized possessions, the giving and or transferring of properties or real estate is called a devise.
Individuals or families who wish to pass on special items in their possession such as jewelleries, stock, and cash may do so through a form of a bequest. Meanwhile, those who wish to preserve estates and pass these on to their lineage or relatives may conduct formal estate planning with the help of reliable lawyers.
Using ‘Bequeath’ in a Last Will
Researching state laws prior to bequeathing assets is a must, especially since state laws vary from one place to another. Likewise, there are different kinds of bequests available which can translate later on to the document. These include:
- Specific – A specific bequest is a type of gift which can easily be identified or determined from all the other items from the author’s set of properties.
- Demonstrative – Demonstrative bequests typically require writers or authors of wills to indicate where a gift should come from. For example, this can be providing a $3,000 bequeathal coming from a savings account.
- General – A general bequest, on the other hand, requires authors to indicate the designated item or amount. However, the items or amount will be taken out of the general assets of the individual.
- Residuary – Residuary gifts come from all the remaining assets of the deceased. This particular request or gift will only be fulfilled after all other previous bequests have been fulfilled.
There are varied facets that factor in drafting and reading a will. Whether you are arranging your will or simply seeking help from lawyers in the field, it is always best to familiarise yourself with terms such as ‘bequeath.’ This way, you can carry out bequeathed items and possessions easily and efficiently.