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A devise is the act of giving real property by will, traditionally referring to real property. [1] A bequest is the act of giving property by will, usually referring to personal property. [2] Today, the two words are often used interchangeably due to their combination in many wills as devise and bequeath, a legal doublet.
For a devise (bequest) of a specific item of property (a specific gift), such property is considered adeemed, and the gift fails. For example, if a will bequeathed the testator's car to a specific beneficiary, but the testator owned no car at the time of his or her death, the gift would be adeemed and the aforementioned beneficiary would ...
The will may identify the taker of the residuary estate through a residuary clause or residuary bequest. The person identified in such a clause is called the residuary taker, residuary beneficiary, residuary legatee, or residuary devisee. [2]
A bequest can be the cash, investments, jewelry or other items that a person passes … Continue reading → The post What Is a Bequest, and How Does It Work? appeared first on SmartAsset Blog.
The anti-lapse statute "saves" the bequest if it has been made to parties specified in the statute, usually members of the testator's immediate family, if they had issue that survived the testator. For example, the New York anti-lapse statute specifies brothers, sisters, and issue, specifically.
The earliest on the statute roll is an act of Henry III, the Widow's Bequest of Corn on Her Land Act 1235 (20 Hen. 3. c. 2), enabling a widow to bequeath the crops of her lands. Before the Wills Act 1837 uniformity in the law had been urgently recommended by the Real Property Commissioners in 1833.
Under 26 USC 102(c), the receipt of a gift, bequest, devise, or inheritance is not included in gross income. Thus, a taxpayer does not include the value of the gift when filing an income tax return. Thus, a taxpayer does not include the value of the gift when filing an income tax return.
Courts are reluctant to apply the doctrine to certain kinds of legacies, for example, devises of specific real estate or bequests of personal property. These specific legacies are viewed by courts as unique and not able to be replaced with a lifetime gift of money or other property. [2]