What is a bequest?

A bequest is understood as a gift of personal property that is specified in a will. This definition is critical in estate planning and inheritance law, as it outlines how an individual's personal belongings—including items such as jewelry, vehicles, or other tangible assets—are distributed after their passing.

The use of the term "bequest" typically applies to personal property as opposed to real estate, which is often governed by separate terms and conditions. When crafting or reviewing a will, it’s essential to identify the nature of the items being bequeathed to ensure clarity in the distribution process.

Understanding the distinction between types of property is crucial in a will. Real estate, for example, is classified as land and structures on it, which would be conveyed through different legal terminology and mechanisms. Thus, recognizing that a bequest is specifically related to personal property helps clarify the intentions behind estate distributions.

In contrast, concepts such as mandatory expenses in trust management and types of statutory trusts pertain to different aspects of estate law and trust administration, which do not align with the definition of a bequest. Therefore, it is important for individuals involved in estate planning to be precise with terms like bequest to avoid legal confusion.