Understanding Bequests in a Will: What You Need to Know

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what is a bequest in a will | Walker Pender Lawyers

What Exactly is a Bequest in a Will?

A bequest is a gift made in a will. It can be a specific item, a sum of money, or a portion of your estate. Bequests are a way to ensure that your assets are distributed according to your wishes after your death.

These gifts can be detailed with great specificity in your will, ensuring that your assets are distributed exactly as you wish. You can choose to leave a specific item, such as an heirloom or piece of jewellery, a set amount of money, or even percentages of your residual estate—what remains after all debts and expenses are paid.

Handling bequests with clarity in your will is crucial, as it directs the executor of your estate on how to distribute your assets, potentially avoiding disputes among beneficiaries. 

Read Also: How Much Money Can Be Legally Given To A Family Member As A Gift In Australia?

What Are the Different Types of Bequests I Can Make?

There are several types of bequests you can make in your will, including:

  • Specific bequest: This is a gift of a particular item, such as a piece of jewellery or a specific artwork.
  • Pecuniary bequest: This is a gift of a specific sum of money.
  • Residual bequest: This is a gift of the remainder of your estate after all other bequests and debts have been paid.
  • Contingent bequest: This is a bequest that is only effective if a certain condition is met.
  • Charitable bequest: This is a bequest made to a charity or non-profit organisation.

The type of bequest you choose will depend on your specific wishes and the assets you have in your estate.

Can I Attach Conditions to a Bequest?

Yes, you can attach conditions to a bequest. This means that the gift will only be given to the beneficiary if they meet certain conditions. For example, you could make a bequest conditional on the beneficiary completing their education or maintaining a particular lifestyle.

However, it’s important to be careful when setting conditions. If the conditions are too restrictive or difficult to meet, the bequest may be challenged in court.

Can I Change or Revoke a Bequest in My Will?

Yes, you can change or revoke a bequest in your will. This is known as amending or revoking your will. You can do this by creating a new will that replaces your old will or by adding a codicil to your existing will.

It’s important to consult with a legal professional to ensure that your amendments or revocations are legally valid. They can help you draft the necessary documents and guide you through the process.

Read Also: Legal Grounds for Contesting a Will in Queensland

What Happens if a Bequest Fails?

When a bequest in a will fails, it means the specified gift cannot be transferred to the intended beneficiary for several reasons. 

This might occur if the beneficiary has already passed away before the testator, has legally refused to accept the bequest, or because the bequest is either illegal or impossible to fulfill.

 In such instances, the assets intended for the failed bequest generally revert to the residual beneficiaries or are distributed according to intestacy laws, depending on the specifics of the will and state law. 

It is essential to seek advice from a legal professional to understand the implications and proper handling of failed bequests in your particular circumstances.

Ensure Your Legacy Lives On: Plan Your Bequests 

Are you ready to leave a lasting legacy? A well-crafted will, including thoughtful bequests, can help you achieve your goals and ensure that your assets are distributed according to your wishes.

Walker Pender Lawyers can assist you in creating a comprehensive estate plan that includes carefully considered bequests. Our experienced attorneys can help you navigate the complexities of estate planning, ensuring that your wishes are clearly expressed and legally sound.

Don’t delay. Contact Walker Pender Lawyers today to schedule a consultation and start planning your legacy.

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