What is a Bequest?
A bequest refers to any gift or transfer of personal property made through the provisions of a decedent’s last will and testament. This act of bequething ensures that your great Aunt Sally’s prized porcelain doll collection can rightfully terrorize another generation, or that your Uncle’s stocks can live to see another market plunge, all thanks to the thoughtful munificence of a legally binding document.
Primarily, bequests typically involve assets such as money, shares, or personal property. However, in more whimsical wills, anything from the family pet to an oddly specific collection of vintage spoons can be included.
Historical and Legal Framework
Etymologically, the term descends from the Old English word beceowan, meaning “cause to be given” — and give they did, from feudal lords right down to your bizarre neighbor who left everything to his parrot. Legally, bequests fall under the category of testamentary gifts, which means they take effect upon the testator’s exit stage left (aka death).
Legal Requirements
For a will to be considered valid, and thus the bequest to be effectively handed over, certain criteria must be met. These often include:
- Testamentary Capacity: The ability of the testator to understand the nature of the bequest and its implications.
- Volition: The free will of the testator to distribute the assets without coercion. (Yes, even if your sister was eying that beach house rather aggressively.)
- Witnesses: Most legal systems require that a will must be witnessed, often by people who stand to inherit absolutely nothing, to ensure fairness.
Types of Bequests
To spice up the legalese, here’s a breakdown of different flavours of bequest:
- Specific Bequest: Involves a particular item or asset. (“To my nephew, Bob, I leave my collection of rare, mint-condition action figures still in their original packaging. Play with them and feel my wrath from beyond.”)
- General Bequest: Involves assets that are not specifically itemized but fall within the general estate. (“My remaining assets to be equally shared among my beloved cat, Mr. Whiskers, and my not-so-beloved children.”)
- Demonstrative Bequest: Combines the general with the specific, often from a particular source or account. (“$10,000 from my savings account at XYZ Bank to be used by my granddaughter for buying books, and no, romantic novels don’t count.”)
- Residuary Bequest: Gives the residual of the estate after all other bequests have been met. (“Whatever is left after the above kerfuffle shall go to my spouse, who will no doubt need a vacation.”)
Related Terms
- Testator: A person who has written and executed a will that is in effect at the time of their death.
- Inheritance: The overall process by which assets and obligations are transferred from the deceased.
- Estate Planning: The art of deciding who will get your earthly possessions, and making it as legally binding and headache-inducing as possible.
Suggested Reading
Enhance your will-writing wit and wisdom with these gems:
- “The 101 of Wills: The Art of Passing On Your Assets and Your Oddities” – Perfect for the beginner will-maker who might be leaving more than just money.
- “Estate Planning for People Who Aren’t Dead Yet” – Because it’s never too early to plan how your treasures will outlive you.
Remember, in the world of bequests, every word in your will is a potential punchline or a binding decision—sometimes both. So, craft wisely!
