Guam Provision of Agreement to Devise or Bequeath Property to Person Performing Personal Services

• Category: Wills - Provisions
• State: Multi-State
• Control #: US-0667BG
• Format: Word; Rich Text

Description

A person may enter into a valid agreement by which the person agrees to bequeath or devise property in his or her will to particular persons or for particular purposes. Title: Guam Provision of Agreement to Devise or Bequeath Property to Person Performing Personal Services Keywords: Guam, Provision of Agreement, Devise, Bequeath, Property, Person Performing Personal Services Introduction: In Guam, a provision agreement is a legal document that allows individuals to devise or bequeath their property to someone who has provided personal services to them. This provision provides a means for acknowledging the efforts and contributions of those who have performed personal services, ensuring their fair treatment in matters of estate planning and inheritance. There are different types of provisions within this agreement, each serving a specific purpose. 1. Specific Bequest Provision: The specific bequest provision within Guam's provision agreement allows an individual (referred to as the testator) to designate specific properties or assets to be transferred to the person who has provided personal services. This provision ensures that the individual receives a specific item or property as a testament of gratitude for their services. 2. Residuary Bequest Provision: The residuary bequest provision comes into effect when a testator has already distributed specific gifts to other beneficiaries and wishes to allocate the remaining property to the person performing personal services. This provision ensures that the individual receives the remaining assets or properties after other obligations are fulfilled. 3. Contingent Bequest Provision: The contingent bequest provision addresses situations where unforeseen circumstances occur. This provision allows the testator to designate an individual performing personal services as a beneficiary if a specific condition is met. For example, if the primary beneficiary is unable or unwilling to accept the bequest, the person performing personal services becomes the contingent beneficiary. 4. Life Estate Provision: The life estate provision provides a means for the testator to grant temporary or lifelong use of a property to the person performing personal services while retaining its ownership. This provision ensures that the individual has the right to use the property during their lifetime. 5. Power of Appointment Provision: The power of appointment provision allows the testator to grant the person performing personal services the authority to decide how the property will be distributed or who will receive it, even after the testator's death. This provision provides flexibility and discretion to the individual in deciding the ultimate recipient of the property. Conclusion: The Guam provision agreement to devise or bequeath property to a person performing personal services is a legal tool that ensures the fair treatment and acknowledgement of individuals who have provided personal services. By understanding the different types of provisions within this agreement, individuals can create an estate plan that appropriately honors the efforts and contributions made by those who have performed personal services in their lives.

Title: Guam Provision of Agreement to Devise or Bequeath Property to Person Performing Personal Services Keywords: Guam, Provision of Agreement, Devise, Bequeath, Property, Person Performing Personal Services Introduction: In Guam, a provision agreement is a legal document that allows individuals to devise or bequeath their property to someone who has provided personal services to them. This provision provides a means for acknowledging the efforts and contributions of those who have performed personal services, ensuring their fair treatment in matters of estate planning and inheritance. There are different types of provisions within this agreement, each serving a specific purpose. 1. Specific Bequest Provision: The specific bequest provision within Guam's provision agreement allows an individual (referred to as the testator) to designate specific properties or assets to be transferred to the person who has provided personal services. This provision ensures that the individual receives a specific item or property as a testament of gratitude for their services. 2. Residuary Bequest Provision: The residuary bequest provision comes into effect when a testator has already distributed specific gifts to other beneficiaries and wishes to allocate the remaining property to the person performing personal services. This provision ensures that the individual receives the remaining assets or properties after other obligations are fulfilled. 3. Contingent Bequest Provision: The contingent bequest provision addresses situations where unforeseen circumstances occur. This provision allows the testator to designate an individual performing personal services as a beneficiary if a specific condition is met. For example, if the primary beneficiary is unable or unwilling to accept the bequest, the person performing personal services becomes the contingent beneficiary. 4. Life Estate Provision: The life estate provision provides a means for the testator to grant temporary or lifelong use of a property to the person performing personal services while retaining its ownership. This provision ensures that the individual has the right to use the property during their lifetime. 5. Power of Appointment Provision: The power of appointment provision allows the testator to grant the person performing personal services the authority to decide how the property will be distributed or who will receive it, even after the testator's death. This provision provides flexibility and discretion to the individual in deciding the ultimate recipient of the property. Conclusion: The Guam provision agreement to devise or bequeath property to a person performing personal services is a legal tool that ensures the fair treatment and acknowledgement of individuals who have provided personal services. By understanding the different types of provisions within this agreement, individuals can create an estate plan that appropriately honors the efforts and contributions made by those who have performed personal services in their lives.