What is it, How it works, Who Can Make, Types, Example, Benefits & How to Setup ?

What is a Bequest ?

A bequest is a provision in a person's will or estate plan that designates specific assets or property to be transferred to designated beneficiaries after the person's death. 

How a Bequest Works ?

A bequest is a legal directive included in a person's will. It allows the testator to provide for their chosen beneficiaries by specifying what they will inherit from the estate.

Types of Bequests

Types of bequests include specific bequests (gift of a particular item), general bequests (gift of a specific sum of money), residuary bequests (gift of the remaining assets), and contingent bequests.

Who Can Make a Bequest ?

Any individual who is of legal age (usually 18 years or older) and of sound mind can make a bequest in their will, regardless of their financial status or family situation.

What Can be Included in Bequest ?

In a bequest, any type of property, assets, real estate, personal possessions, financial accounts, and even charitable donations can be included as gifts to designated beneficiaries.

Benefits of Bequest

The benefits of bequest include the ability to leave a lasting legacy, provide for loved ones and charities, potentially reduce estate taxes, and encouraging positive behavior.

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How to Setup a Bequest ?

To set up a bequest, consult with an attorney to draft a legally valid will that includes the specific bequest instructions for distributing your assets to chosen beneficiaries.