Types of Bequests

General bequest: A general bequest is a testamentary gift that is paid out of the general assets of the estate. Residuary: The amount remaining in the estate after payment of the administration expenses, creditors’ claims, and other dispositions—specific, demonstrative and general bequests.

General bequest: A general bequest is a testamentary gift that is paid out of the general assets of the estate. Residuary: The amount remaining in the estate after payment of the administration expenses, creditors’ claims, and other dispositions—specific, demonstrative and general bequests.

cash or real estate), residuary bequests of property remaining after payment of debts, estate costs, devises, bequests, and legacies, and contingent bequests (e. Planned giving However, the will required estate taxes to be charged against the residuary bequests without adjustment among the beneficiaries.

Types of Bequests in a Will. Wills and Estate Planning . Gifts made at the time of death (whether through a last will and testament or a living trust) are made as specific bequests or residuary bequests. Specific Bequests: A specific bequest is a gift (bequest) or a specific item or asset to a named person or entity. For example, specifically providing that your diamond ring shall be given to ...