Understanding Bequeath: Passing on Personal Property through a Will

What Does it Mean to Bequeath?

When you bequeath something, you are specifying through a will who will receive your personal property upon your death. This is an essential component of estate planning, ensuring your belongings are distributed according to your wishes.

How Bequeath Fits into Estate Planning

A will is a legal document where one expresses their wishes about the distribution of their property and the care of any minor children. Bequeathing is specifically about handing down personal property—tangible or intangible—to the chosen beneficiaries.

Key Example

Consider a practical example to understand this concept better:

Example: Abel’s last will and testament includes a special clause where he bequeaths his prized possessions—including his automobile and wristwatch—to his beloved son, ensuring these items remain in the family.

Detailed Examples of Bequeathing Various Assets

Bequeathing Jewelry

Imagine Emily, an art enthusiast, wants her cherished jewelry collection to stay within the family. In her will, she bequeaths her vintage jewelry pieces to her granddaughter, Amy, who has always admired them.

Bequeathing Financial Assets

Michael, a successful entrepreneur, decides to bequeath his stocks and bonds in his will to his niece, Lisa, who has shown great business acumen and interest in finance.

Bequeathing Real Estate

Though real estate is typically ‘devised,’ one could also mention housing-related personal property within a codicil (an amendment to a will) for minor properties or attached assets.

FAQs about Bequeathing

What is the Difference between Bequeath and Devise?

• Bequeath refers specifically to personal property, including tangible items like jewelry and intangible items like stocks.
• Devise typically pertains to real estate or land.

Can Digital Assets Be Bequeathed?

Yes, digital assets such as cryptocurrency, digital art, or domain names can be included in a will and bequeathed to specific beneficiaries.

Is it Possible to Change Beneficiaries After Creating a Will?

Yes, as long as you are of sound mind, you can amend your will at any time to change the beneficiaries or any other aspects.

How Legal Is Bequeathing in a Will?

Wills must conform to state-specific legal requirements, such as being in writing, signed by the testator, and witnessed. Compliance with these rules ensures that bequests are legally binding.

Enhancing Your Estate Plan

Knowing how and what to bequeath can greatly enhance your estate plan, providing clarity and peace of mind for both you and your beneficiaries. Whether it’s treasured personal items or substantial financial assets, clearly specifying your wishes makes all the difference.

Related Terms: devise, inheritance, testament, executor, beneficiary.