Difference between Bequest and Devise: Understanding the Legal Terms In the realm of wills and estate planning, two commonly used terms are bequest and devise. Both terms involve the transfer of property or assets after a person's death, but they differ in their specific meaning and application. To comprehend these legal terms better, it is essential to explore the difference between bequest and devise. 1. Bequest: A bequest refers to the act of leaving personal property through a will. Personal property typically includes belongings like jewelry, household items, cash, investments, or other movable assets. Bequests are specific gifts that an individual designates to a particular person, organization, or entity. This means that the testator (the person making the will) specifically identifies the property and its recipient in they will document. The bequeathed property passes to the beneficiary once the testator passes away. Keywords: bequest, personal property, will, movable assets, specific gift, beneficiary. Types of Bequests: a) General Bequest: This type of bequest involves leaving a specific sum of money to a person or organization. The recipient of the general bequest does not receive a particular asset but rather a designated monetary amount. b) Specific Bequest: In this case, the testator outlines a specific asset to be given to a particular individual. For example, a specific bequest could involve leaving a painting to a close friend. c) Residuary Bequest: A residuary bequest refers to leaving remaining assets or property to a beneficiary after all other debts, expenses, and specific bequests have been fulfilled. It ensures that any leftover property is distributed according to the testator's wishes. 2. Devise: Devise, on the other hand, pertains to the transfer of real estate or immovable property through a will. Real estate includes land, buildings, houses, or any kind of fixed property. Similar to bequests, devises require the testator to clearly outline the property and its intended recipient in they will document. Keywords: devise, real estate, immovable property, fixed property, will. Types of Devises: a) General Devise: This type of devise involves leaving real estate to a person without specifying the exact property. For instance, a testator may devise their entire estate to their spouse. b) Specific Devise: In this case, the testator specifically indicates which property or parcel of real estate they want to give to a particular individual or entity. For instance, a testator may devise their summer house to their sibling. In summary, the primary distinction between bequest and devise lies in the nature of the property being transferred. Bequests refer to personal property or movable assets, while devises involve real estate or immovable property. Understanding the difference between these terms is crucial for anyone engaged in estate planning or creating a will, ensuring that their assets are distributed according to their wishes and legal requirements.
Difference Between Bequest And Devise
Description bequeath vs devise
How to fill out Difference Between Bequest And Devise?
Legal management can be overwhelming, even for experienced professionals. When you are looking for a Difference Between Bequest And Devise and don’t have the time to commit searching for the right and up-to-date version, the operations can be stressful. A strong web form catalogue might be a gamechanger for everyone who wants to handle these situations successfully. US Legal Forms is a market leader in online legal forms, with more than 85,000 state-specific legal forms accessible to you anytime.
With US Legal Forms, you may:
- Access state- or county-specific legal and organization forms. US Legal Forms covers any needs you may have, from individual to enterprise papers, all in one place.
- Use advanced resources to accomplish and handle your Difference Between Bequest And Devise
- Access a resource base of articles, tutorials and handbooks and materials related to your situation and requirements
Help save time and effort searching for the papers you need, and make use of US Legal Forms’ advanced search and Review tool to locate Difference Between Bequest And Devise and download it. For those who have a subscription, log in for your US Legal Forms profile, search for the form, and download it. Review your My Forms tab to view the papers you previously downloaded and also to handle your folders as you can see fit.
If it is your first time with US Legal Forms, make a free account and get limitless access to all benefits of the platform. Here are the steps to take after getting the form you need:
- Verify it is the right form by previewing it and looking at its information.
- Ensure that the sample is accepted in your state or county.
- Pick Buy Now when you are all set.
- Select a monthly subscription plan.
- Find the format you need, and Download, complete, eSign, print and send out your papers.
Benefit from the US Legal Forms web catalogue, supported with 25 years of expertise and reliability. Change your daily papers administration in a easy and intuitive process today.
bequest or devise Form popularity
bequeath and devise Other Form Names
meaning of devise and bequeath FAQ
Historically, a bequest is personal property given by will and a devise is real property given by will. Today, the two words are often used interchangeably. The word bequeath is a verb form for the act of making a bequest.
Specific bequests?gifts of property, like a painting, jewelry, car or cash (e.g., $10,000 to my great nephew's cousin). Residuary gifts?gifts made after all of the debts and expenses are paid, and other bequests are made.
A devise is a gift given in a will, usually of real property, such as a house or land. The verb form of ?devise? is ?to devise.? It is not necessary for a will to include the formal word ?devise? to give a devise.
A devise is a legal term that traditionally has referred to a gift of real estate made by a will. However, in common usage, it has been used interchangeably with other legal terms such as a bequest, which traditionally refers to a gift made in a will of personal property?that is, property other than real estate.
Be as clear as you can. If you are making a bequest for a specific purpose, spell out your wishes so the recipient will know exactly what you intend. Charitable organizations usually prefer unrestricted bequests since this allows the board of directors/trustees to apply the gift where it is needed most.