Bequests refer to the language in a will that outlines how physical property will be distributed after death. They can be made to individuals, groups, businesses, or non-profits, and can be conditional. It’s important to have a lawyer draft a will to ensure legal compliance. Clear bequests can help prevent family disputes.
The noun bequest and the verb bequeath are terms most frequently associated with writing a will. They essentially refer to the language in your will, which lays out how your physical property, usually not your money, will be distributed after your death. A bequest can be made in the name of a single person who will inherit your physical property, or it can be made to benefit a group of individuals, a business, or a non-profit or charitable organization. As long as your bequests do not conflict with state law regarding the inheritance of your property when your will is probated, they must be honored.
You can make bequests to dispose of large amounts or small amounts of property. For example, you can make a will stating that your son becomes the owner of his chalet in Switzerland. Although a bequest can be large, as with the disposition of real estate, many people leave very small items in a will that may have sentimental value. For example, you might want a close friend to have a particular pair of earrings that she’s always admired, or you might even bequeath everyone in the family to chop their hair.
Bequests are sometimes called conditional, as they are based on certain instructions or wishes being carried out. For example, you could leave a home to a family member as long as it is opened as a museum. If the family member is unable to do so, she may make other provisions in the will for the disposition of that property. You can also bequeath animals, as long as certain standards of care are maintained.
Another term associated with bequests is residual bequest. This is the equity that remains after making specific declarations about the distribution of property. You can then request distribution of residual assets to spouses, heirs, family members, or organizations. If you’re adamant about certain property belonging to a certain person after their death, it’s a good idea to state this in a will, since anything not included in a bequest becomes residual property, and the heirs can dispose of it. him any way you see. fit, even if you have informally asked them to comply with your wishes.
If you have extensive bequests that you wish to make, it is extremely important to have a lawyer draft your will. The attorney can determine which property disposition declarations you make are legal in the state in which you reside, and whether any heirs can challenge a legacy. For example, if you are married to or under the guardianship of another person, you cannot legally make a bequest. Property and inheritance laws can void bequests if you have a surviving spouse or children, and if someone else has power of attorney or custody of you, any bequests probably won’t survive the will, as they may be considered misguided in creating its will be
Although it can be challenging to think about your death, and who will get or deserve your property afterwards, it’s common knowledge that less specific wills or no wills at all, especially when it involves a bit of property, tends to be a touchstone for family division and ill will, even between family members or friends on good terms with each other. The last thing you want to leave your heirs behind is a family feud or debate. Therefore, making bequests and making your wishes clear can help ease strained relationships in what will already be a difficult time for those who survive you.
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