Bequest

A Bequest is the act of leaving personal property to someone in a will, or the property itself that is left. It represents a formal and legally binding declaration of one's wishes regarding the distribution of assets after death. Often used for significant possessions or sums of money, bequests contribute to the legacy of the deceased and provide for the future of the beneficiaries. It's a crucial part of estate planning and ensures the wishes of the individual are followed. The process involves careful drafting of the will, naming the beneficiaries, and specifying the items or sums to be transferred.

Bequest meaning with examples

• Upon her passing, the philanthropist made a substantial Bequest to the local children's hospital, ensuring its continued operation and expansion. The terms of the Bequest stipulated the funds be used solely for pediatric care and research, guaranteeing her charitable intent was honored and protected.
• The artist's will included a Bequest of his entire collection of paintings to the national museum. This generous act ensured that his artistic legacy would be preserved and accessible to the public for generations to come. The museum was thrilled and accepted it graciously.
• Instead of simply dividing the assets, the mother left her children the family home as a bequest. This meant the siblings would now jointly own it. She wished for them to have a place to always call home. The siblings had a special bond and could navigate this.
• The wealthy businessman's final Bequest included shares of stock to his longtime assistant. It was a token of his gratitude for years of loyalty and support, and showed his recognition of his support. He considered her to be part of the family and a true friend.