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Today, the two words are often used interchangeably due to their combination in many wills as devise and bequeath, a legal doublet. The phrase give, devise, and bequeath, a legal triplet, has been used for centuries, including the will of William Shakespeare. The word bequeath is a verb form for the act of making a bequest. [3]
Historically the degrees of individual and community control over real property have varied greatly. The differences between capitalism, despotism, socialism, feudalism, and traditional societies often define different standards for land ownership. The bundle of rights concept looks much different when examined by different types of societies.
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
A remarkable instance is a well-known case in which a condition subsequent in a devise was held void as against public policy, being a gift over of the estate devised in case the first devisee, the eldest son of an earl, did not before his death obtain the lapsed title of Duke of Bridgewater. [1]
Devise – testamentary gift of real property. Devisee – beneficiary of real property under a will. Distribution – succession to personal property. Executor/executrix or personal representative [PR] – person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes ...
If one were to bequeath "500 shares of stock," most states would deem that to be a demonstrative gift. The resultant gift to the heir receiving "500 shares," would be the date of death value of 500 shares of that particular stock. Ademption may be waived if the property leaves the estate after the testator has been declared incompetent.
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
A specific devise is a devise of a distinct piece of real estate to a certain person or persons. It is analogous to a specific legacy , but is limited (by the word "devise") to real estate. Furthermore, the testator intends for that very particular property and only that property to satisfy the devise.