A pecuniary bequest refers to the act of leaving money to another person in a will. It is similar to giving a monetary gift after one’s death. Other types of bequests include giving specific items or leaving the remaining possessions after debts and other gifts have been settled. However, a pecuniary bequest solely pertains to money.
A pecuniary bequest, also known as a legacy, is a gift of money given through a will. It is a testamentary gift where the testator specifies a certain amount of money to be given to a person or organisation. For example, John’s will stated that he wanted to leave $10,000 to his daughter, Mary, which is a pecuniary bequest. Similarly, when Sarah passed away, she left $5,000 to her favorite charity, which is also a pecuniary bequest. These examples demonstrate that a pecuniary bequest involves a specific amount of money being left through a will. It is important to distinguish a pecuniary bequest from other types of bequests, such as a specific bequest where a specific item of property is gifted, or a residuary bequest where the remainder of the testator’s estate is gifted.
A pecuniary bequest is a specific amount of money that is left to a beneficiary in a will or trust.
Yes, a pecuniary bequest can be made to any individual, organisation, or charity as long as it is specified in the will or trust.
The amount of a pecuniary bequest is determined by the testator, the person making the will or trust. They can specify a specific dollar amount or a percentage of their estate.
Yes, like any other provision in a will or trust, a pecuniary bequest can be contested if there are grounds to believe that the testator lacked mental capacity, was unduly influenced, or if there are issues with the execution of the document.
Yes, a testator has the right to change or revoke a pecuniary bequest at any time before their death. This can be done through a codicil to a will or an amendment to a trust.
Pecuniary bequests may be subject to estate taxes depending on the value of the estate and the applicable tax laws. It is advisable to consult with an estate planning attorney or tax professional for guidance.
In some cases, if the estate does not have sufficient funds to cover all debts and liabilities, creditors may challenge pecuniary bequests to ensure their debts are paid. However, the priority of payment may vary depending on the jurisdiction and specific circumstances.
Yes, a pecuniary bequest can be made to a minor. However, it is important to establish a trust or appoint a guardian to manage the funds until the minor reaches the age of majority.
Yes, a pecuniary bequest can be made conditional upon certain requirements or events. For example, the testator may specify that the beneficiary must graduate from college before receiving the bequest.
In general, a testator has the freedom to distribute their assets as they see fit. However, if there are valid reasons to believe that the pecuniary bequest is unfair or unequal, such as evidence of undue influence or discrimination, it may be possible to challenge it in court.
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/pecuniary-bequest/
- Modern Language Association (MLA):Pecuniary Bequest. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/pecuniary-bequest/.
- Chicago Manual of Style (CMS):Pecuniary Bequest. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/pecuniary-bequest/ (accessed: May 09 2024).
- American Psychological Association (APA):Pecuniary Bequest. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/pecuniary-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