Business Terms and Jargon Explained

What is Bequest

This is a gift left in a Last will and testament to either a person or organization. There are four types of bequests.

  1. Residuary bequest - after all other gifts and debts are cleared. The remainder can be left in total or in part to a Beneficiary.
  2. Pecuniary bequest - this is a fixed sum of money.
  3. Specific bequest - is a named item left as a gift in the will. E.g. clock, painting and jewellery etc.
  4. Contigent bequest - is a gift which is dependent on an occurrence or event. E.g. 50,000 from the estate to my son for every child he has fathered before I die.

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Term created / updated 2014-03-18 11:20:18

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