Difference Between Bequest And Devise
Description
How to fill out Agreement To Devise Or Bequeath Property To A Person Performing The Personal Services Of Lifetime Care For A Future Testator?
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FAQ
Historically, a bequest is personal property given by will and a devise is real property given by will. Today, the two words are often used interchangeably. The word bequeath is a verb form for the act of making a bequest.
Specific bequests?gifts of property, like a painting, jewelry, car or cash (e.g., $10,000 to my great nephew's cousin). Residuary gifts?gifts made after all of the debts and expenses are paid, and other bequests are made.
A devise is a gift given in a will, usually of real property, such as a house or land. The verb form of ?devise? is ?to devise.? It is not necessary for a will to include the formal word ?devise? to give a devise.
A devise is a legal term that traditionally has referred to a gift of real estate made by a will. However, in common usage, it has been used interchangeably with other legal terms such as a bequest, which traditionally refers to a gift made in a will of personal property?that is, property other than real estate.
Be as clear as you can. If you are making a bequest for a specific purpose, spell out your wishes so the recipient will know exactly what you intend. Charitable organizations usually prefer unrestricted bequests since this allows the board of directors/trustees to apply the gift where it is needed most.