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.
- Residuary bequest - after all other gifts and debts are cleared. The remainder can be left in total or in part to a Beneficiary.
- Pecuniary bequest - this is a fixed sum of money.
- Specific bequest - is a named item left as a gift in the will. E.g. clock, painting and jewellery etc.
- 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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