A monetary bequest refers to the act of leaving money to another person in a will. It is akin to bestowing a monetary gift upon someone after one’s demise. Bequests can take various forms, such as specific item donations or funds from a designated source. Additionally, individuals may also choose to allocate money to charitable organisations in their wills.
A monetary bequest, also referred to as a pecuniary bequest, is a testamentary gift where the testator designates a specific sum of money to be given to a beneficiary in their will. This type of bequest is commonly used when the testator desires to ensure that a particular person or organisation receives a specific amount of money. For instance, a testator may choose to leave $10,000 to their favorite charity as a monetary bequest, guaranteeing that the charity will receive that amount from the testator’s estate after their passing. Another example of a monetary bequest is when a testator designates a specific sum of money to be given to a family member or friend, such as leaving $5,000 to their niece. These examples demonstrate how a monetary bequest is a distinct type of bequest that involves leaving a designated sum of money to a beneficiary. It is important to note that a monetary bequest differs from a specific bequest, which involves leaving a particular item of property to a beneficiary.
A monetary bequest refers to a specific sum of money that is left to a person or organisation in a will or trust.
Yes, anyone who has the legal capacity to make a will or establish a trust can leave a monetary bequest.
To include a monetary bequest in your will, you need to clearly state the amount of money you wish to leave and the recipient’s name or organisation.
Yes, you can change or revoke a monetary bequest at any time before your death by amending your will or creating a new one.
Yes, like any other provision in a will, a monetary bequest can be contested if there are valid grounds, such as undue influence, lack of capacity, or fraud.
In some jurisdictions, there may be inheritance or estate taxes imposed on the recipient of a monetary bequest. It is advisable to consult with a tax professional to understand the specific tax implications.
Yes, a monetary bequest can be made to a minor, but it may be subject to certain restrictions or conditions, such as the appointment of a guardian or the establishment of a trust to manage the funds until the minor reaches a certain age.
Yes, a monetary bequest can be made to a charity or nonprofit organisation. It is important to provide the organisation’s full legal name and any specific instructions regarding the use of the funds.
In some cases, if the deceased person had outstanding debts, creditors may have the right to make a claim against the estate, which could potentially affect the distribution of a monetary bequest.
In some jurisdictions, it is possible to make a monetary bequest to a pet by establishing a pet trust or including specific instructions for the care and maintenance of the pet using the bequeathed funds.
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.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/monetary-bequest/
- Modern Language Association (MLA):Monetary Bequest. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/monetary-bequest/.
- Chicago Manual of Style (CMS):Monetary Bequest. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/monetary-bequest/ (accessed: May 09 2024).
- American Psychological Association (APA):Monetary Bequest. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/monetary-bequest/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts