What is a specific bequest?

What is a specific bequest?

• A. A general cash gift from the estate
• B. A gift involving a specific item of property
• C. A share of the residue of the estate
• D. A gift made from a general account

Answer: (B)

A specific bequest refers to a gift that involves a particular item of property that is clearly identified in a will. This could be a specific piece of jewelry, a particular piece of artwork, or a certain piece of real estate. The key aspect of a specific bequest is that it designates a specific asset to be given to the beneficiary, distinguishing it from other types of bequests, such as general bequests, which may involve gifts of cash or a proportionate share of the estate's residue. In contrast, general gifts are typically monetary amounts or a fraction of the estate, which do not require any specific property to be set aside for them. A share of the residue of the estate pertains to what remains after all debts, expenses, and specific bequests have been taken care of, rather than a distinct piece of property. Therefore, the definition aligns clearly with the description of a specific bequest as it focuses on a singular, identifiable asset, setting it apart from other types of bequests.

A specific bequest refers to a gift that involves a particular item of property that is clearly identified in a will. This could be a specific piece of jewelry, a particular piece of artwork, or a certain piece of real estate. The key aspect of a specific bequest is that it designates a specific asset to be given to the beneficiary, distinguishing it from other types of bequests, such as general bequests, which may involve gifts of cash or a proportionate share of the estate's residue.

In contrast, general gifts are typically monetary amounts or a fraction of the estate, which do not require any specific property to be set aside for them. A share of the residue of the estate pertains to what remains after all debts, expenses, and specific bequests have been taken care of, rather than a distinct piece of property. Therefore, the definition aligns clearly with the description of a specific bequest as it focuses on a singular, identifiable asset, setting it apart from other types of bequests.