Often referred to as a “legacy gift,” a specific bequest is a directive that states that a particular item (or assets) should be given to a named recipient at the time of the deceased’s passing. This item or asset can be anything from cash to real estate to personal objects or collections. For example, a will may direct that a certain painting be given to a specific granddaughter or that a sum of money will be held in trust for a beloved grandchild.
Legally, specific bequests are binding and must be carried out in order for the will to be recognized as valid. The personal representative is the executor who is responsible for handling all of the decedent’s affairs in accordance to the law which includes the specific bequest of the decedent. Furthermore, the designated beneficiary of a specific bequest may have additional rights that are in accordance with wills and trusts law.
When creating a will, clients should be aware that the details of specific bequests should be clearly outlined in the document so that there is no confusion as to what is to be passed on to whom. Additionally, it is advisable to list the proper legal names of both the donor and the recipient of the bequest when making the will.
The Benefits of Making a Specific Bequest
Creating a will with specific bequests offers several advantages for both the donor and their intended beneficiaries. Firstly, it provides assurance to the donor that their wishes will be respected and carried out. Additionally, specific bequests can provide clarity on exactly who should receive what, eliminating the potential of misunderstandings, delays or other issues upon the death that could arise over who should rightfully inherit certain assets.
For the recipient, a specific bequest allows them to receive the exact asset that the giver has specified. Moreover, depending on the nature of the asset, specific bequests could provide tax benefits that allow the recipient to benefit even further from the inheritance.
Conclusion
In summary, a specific bequest is a legal document that assigns particular items or assets to given individuals or entities upon the passing of the donor. It is wise to spell out the details of such bequests in a will which provides both the donor and the beneficiary with the assurance that the asset or item will be delivered in the manner that was intended.