A general bequest is a type of provision listed in a last will and testament. It is a stipulation that calls for a certain amount of assets to be distributed to a specific individual upon the death of the estate owner. This type of bequest is sometimes called a residuary bequest or a legacy bequest.
How Does a General Bequest Work?
In a general bequest, an estate holder outlines how his or her assets should be dispersed upon their death. These assets can include property, stocks, cars, jewelry, cash, or even intellectual property. The assets are typically mentioned in the will by name, but sometimes may be used to specify an individual or organization without naming the asset outright.
A general bequest ensures that a stipulated amount goes to the specified individual, with any remaining assets distributed to those with priority rights—usually family members or close friends.
Examples of General Bequests
An example of a general bequest might look something like, “I give $50,000 to [specify: name, address, phone number, etc.] plus any remaining assets of mine after all other bequests have been dispensed.”
Another common example could be, “I give $100,000 to [specify: name, address, phone number, etc.] from the money in my checking account and the house at [specify: house address].” In this example, the house would be named as part of the general bequest.
The Benefits of a General Bequest
Having a general bequest in place helps mitigate any confusion that may arise during the division of an estate. It also provides an extra layer of protection for the individual’s loved ones. Having an estate plan that includes a general bequest provides the clarity needed to ensure the wishes of the departed are carried out.