- The act of giving or leaving personal property by a will.
- Something that is bequeathed; a legacy.
[Middle English biquest (influenced by biquethen, to bequeath) : bi-, be- + quist, will (from Old English -cwis , as in andcwis, answer).]
bequest
Dictionary:
be·quest (bĭ-kwĕst')  |
n.
| 5min Related Video: bequest |
| Investment Dictionary: Bequest |
The process of giving stocks, bonds, or any other assets to beneficiaries through the provisions of a will.
Investopedia Says:
Bequests can be made to family, friends, institutions, or charities.
Related Links:
Life changes make it time to rewrite your plan's designations. Update Your Beneficiaries
Make sure your beneficiary designations not only reflect your intentions but also meet the requirements to be effective. Problematic Beneficiary Designations - Part 1
Designating a trust as your IRA beneficiary can be beneficial, but it requires proper planning to avoid problems. Problematic Beneficiary Designations - Part 2
| Business Dictionary: Bequest |
Gift of Personal Property by Will. Real Property is usually transferred by a devise. The term disposition encompasses both a bequest of personalty and a devise of realty.
| Real Estate Dictionary: Bequest |
That personal property given by the terms of a Will.
Example: Collins received a set of sterling silverware as a bequest from her deceased aunt.
| Law Encyclopedia: Bequest |
This entry contains information applicable to United States law only.
A gift of personal property, such as money, stock, bonds, or jewelry, owned by a decedent at the time of death which is directed by the provisions of the decedent's will; a legacy.
A bequest is not the same as a devise (a testamentary gift of real property) although the terms are often used interchangeably. When this occurs, a bequest can be a gift of real property if the testator's intention to dispose of real property is clearly demonstrated in the will.
There are different types of bequests. A charitable bequest is a gift intended to serve a religious, educational, political, or general social purpose to benefit mankind, aimed at the community or a particular segment of it. Charitable bequests also reduce the estate taxes that might be owed on the estate left by a decedent.
A demonstrative bequest is a gift of money that must be paid from a particular source, such as a designated bank account or the sale of stock in a designated corporation.
A general bequest is a gift of money or other property that can be paid or taken from the decedent's general assets and not from a specific fund designated by the terms of the will.
| Wikipedia: Bequest |
A bequest is the act of receiving property by will.[1] Strictly, "bequest" is used of personal property, and "devise" of real property. It means the same thing as bequeath in legal terminology.
(From Old English becwethan, to declare or express in words; cf. "quoth")
Contents |
Interpreting bequests
Part of the process of probate involves interpreting the instructions in a will. It means the same thing as bequeath in legal terminology.
Some wordings that define the scope of a bequest have specific interpretations. "All the estate I own" would involve all of the decedent's possessions at the moment of death.[2]
A conditional bequest is a bequest which will only be granted if a particular event has occurred by the time of its operation. For example, a testator might write in their will that "Mary will receive the house held in trust if she is married" or "...if she has children," etc.
An executory bequest is a bequest which will be granted when a particular event occurs in the future, if it happens. For example, a testator might write in their will that "Mary will receive the house held in trust set when she marries" or "when she has children," etc.
Explaining bequests
In microeconomics theorists have engaged the issue of bequest from the perspective of consumption theory, in which they seek to explain the phenomenon in terms of a bequest motive.
Tax Consequences
 |
The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. |
For the Recipient
In order to calculate a taxpayer's income tax obligation, the gross income of the tax payer must be determined. Under Section 61 of the Internal Revenue Code gross income is "all income from whatever source derived".[3] On its face, the receipt of a bequest would seemingly fall within gross income and thus be subject to tax. However, in other sections of the code, exceptions are made for a variety of things that do not need to be included in gross income. Section 102(a) of the Code makes an exception for bequests stating that "Gross income does not include the value of property acquired by gift, bequest, or inheritance." [4] In general this means that the value or amount of the bequest does not need to be included in a taxpayer's gross income. This rule is not exclusive, however, and there are some exceptions under Section 102(b) of the code where the amount of value must be included.[4] There is great debate about whether or not bequests should be included in gross income and subject to income taxes, however there has been some type of exclusion for bequests in every Federal Income Tax Act.[5]
For the Donor
One reason that the recipient of a bequest is usually not taxed on the bequest is because the donor may be taxed on it. Donors of bequests may be taxed in through other mechanisms such as federal wealth transfer taxes.[5] Wealth Transfer taxes, however, are usually imposed against only the very wealthy.[5]
References
- This article incorporates text from the Encyclopædia Britannica, Eleventh Edition, a publication now in the public domain.
- ^ Black's Law Dictionary 8th ed, (West Group, 2004)
- ^ law.com Law Dictionary: all the estate I own
- ^ US CODE: Title 26,61. Gross income defined
- ^ a b US CODE: Title 26,102. Gifts and inheritances
- ^ a b c Samuel A. Donaldson (2007). Federal Income Taxation of Individuals: Cases, Problems and Materials, 2nd Edition, St. Paul: Thomson/West, 93
 |
This legal term article is a stub. You can help Wikipedia by expanding it. |
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
| Translations: Bequest |
Dansk (Danish)
n. - testamentarisk gave, arv
Nederlands (Dutch)
erfenis, legaat
Deutsch (German)
n. - Erbschaft, Vermächtnis
Ελληνική (Greek)
n. - κληροδότημα, κληροδότηση, κληροδοσία
Português (Portuguese)
n. - legado (m), herança (f)
Русский (Russian)
завещательный отказ имущества, нечто, оставленное в наследство
Svenska (Swedish)
n. - testamente, testamentarisk gåva
中文（简体）(Chinese (Simplified))
遗产, 遗赠
中文（繁體）(Chinese (Traditional))
n. - 遺產, 遺贈
日本語 (Japanese)
n. - 遺贈, 遺産, 形見
العربيه (Arabic)
(الاسم) وصيه, تركه, ارث
עברית (Hebrew)
n. - ירושה, עיזבון
If you are unable to view some languages clearly, click here.
To select your translation preferences click here.
Learn More
 | personal property |
| decedent |
| will |
Help us answer these
Post a question - any question - to the WikiAnswers community:
Copyrights:
 |
 | Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved. Read more |
 |
| Investment Dictionary. Copyright ©2000, Investopedia.com - Owned and Operated by Investopedia Inc. All rights reserved. Read more |
 |
| Business Dictionary. Dictionary of Business Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved. Read more |
|
| Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved. Read more |
 |
| Law Encyclopedia. West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. Read more |
 |
| Wikipedia. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article "Bequest". Read more |
 |
| Translations. Copyright © 2007, WizCom Technologies Ltd. All rights reserved. Read more |
Related answers
- What is a residuary bequest?
- Do executors have to honor a bequest?
- Can the executor of an estate receive a bequest?
- Use bequest in a sentence?
ADVERTISEMENT
Answer these
- What is a demonstrative bequest?
- What is a cash bequest?
- Use bequest in a sentences?
- What was the bequest of Louis XIV?
Mentioned in
- Bequeath (business term)
- Legacy (business term)
- Pecuniary Bequest (business term)
- restitutions
- bequeathal
- bequeathment
- Devise (in banking)
- chantry (in archaeology)
- Zdanowicz (family name)
- ademption
- Girard College (education, Pennsylvania)
- Reed College (university, Oregon)
- Corpus (business term)
- Hoch Conservatory (music)
