A demonstrative bequest refers to the act of leaving a specific item or asset in one’s will, such as money from a designated bank account or stocks from a specific company. This type of bequest differs from a general bequest, which is a gift of money or other items without any specified origin. Additionally, it is distinct from a specific bequest, which involves leaving a particular item, such as furniture or a house.
A demonstrative bequest is a specific type of bequest in a will that requires a designated gift or amount of money to be paid from a particular source, such as a stock fund. This means that the gift or money is not taken from the overall assets of the estate, but from a specific source chosen by the testator. For instance, a testator may leave $10,000 to their niece, to be paid from their investment account. Similarly, a testator may leave their antique car to their son, to be paid from the proceeds of selling their vacation home. In both cases, the testator has specified that the gift or bequest must come from a specific source, ensuring that the designated source is used to fulfil the bequest without affecting other beneficiaries.
A demonstrative bequest is a type of gift made in a will where a specific amount of money or property is designated to be given from a particular source, such as a bank account or investment account.
A general bequest is a gift made in a will that does not specify a particular source from which the gift should be given. In contrast, a demonstrative bequest designates a specific source from which the gift should be made.
Yes, a demonstrative bequest can be made for either money or property, or even a combination of both.
Yes, a demonstrative bequest can be made to multiple beneficiaries, with each beneficiary receiving a specified portion of the designated amount or property.
If the designated source for the demonstrative bequest no longer exists, the gift may fail. In such cases, the executor of the will may need to distribute the gift from other available assets or follow any alternative instructions provided in the will.
Yes, a demonstrative bequest can be changed or revoked by creating a new will or by executing a codicil, which is a legal document used to modify or supplement an existing will.
Like any provision in a will, a demonstrative bequest can be challenged in court if there are valid grounds, such as undue influence, lack of capacity, or fraud. However, the specific grounds for challenging a demonstrative bequest may vary depending on the jurisdiction.
Yes, a demonstrative bequest may be subject to estate taxes or inheritance taxes, depending on the applicable laws in the jurisdiction where the estate is being administered.
Yes, a demonstrative bequest can be made to a charitable organisation, just like any other type of bequest. However, it is important to ensure that the organisation is properly identified and its legal name is used in the will.
Yes, a demonstrative bequest can be made conditional, meaning that the beneficiary must fulfill certain requirements or conditions in order to receive the gift. However, it is important to consult with an attorney to ensure that the conditions are legally enforceable and do not violate any laws or public policy.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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