A pecuniary devise refers to the act of bequeathing money or property to another individual in a will. It is akin to a unique present that can only be received after the testator’s demise. In certain cases, the will may stipulate an alternative recipient if the initial beneficiary is unable to accept the gift. Pecuniary devises can vary in nature, ranging from those contingent upon future events to those funded from a designated source.
A pecuniary devise is a gift given through a will, which can be in the form of a specific amount of money or property. In the United States, the term “devise” encompasses all types of property given through a will, not just real estate. For instance, if someone states in their will that they want to leave $10,000 to their niece, it would be considered a pecuniary devise. Similarly, if someone leaves a particular piece of jewelry to their best friend, it would also be classified as a pecuniary devise. These examples highlight that a pecuniary devise is a specific gift given through a will, rather than a general distribution of property. It is important to emphasize that for a pecuniary devise to be enforceable, the will must be legally valid and meet certain requirements.
A pecuniary devise refers to a specific amount of money that is bequeathed to a person or entity in a will.
Yes, anyone can be named as a beneficiary of a pecuniary devise, including individuals, organisations, or charities.
The amount of a pecuniary devise is determined by the testator, the person making the will. They can specify a specific dollar amount or a percentage of their estate to be given as a pecuniary devise.
Yes, like any other provision in a will, a pecuniary devise can be contested if there are grounds to believe that the testator lacked testamentary capacity, was unduly influenced, or if there are issues with the execution of the will.
Yes, a testator has the right to change or revoke a pecuniary devise at any time before their death by creating a new will or a codicil.
If the estate does not have sufficient funds to fulfill a pecuniary devise, the devise may be abated, meaning it will be reduced proportionally along with other devises and bequests.
Yes, depending on the jurisdiction, a pecuniary devise may be subject to inheritance or estate taxes. The tax liability is typically borne by the estate.
In some cases, creditors may challenge a pecuniary devise if they believe it would hinder their ability to collect outstanding debts. However, the specific laws regarding creditor claims vary by jurisdiction.
Yes, a pecuniary devise can be made to a minor. However, it may be advisable to establish a trust or appoint a guardian to manage the funds until the minor reaches the age of majority.
Yes, a pecuniary devise can be made to a non-profit organisation. It is important to ensure that the organisation is properly identified and its legal name is used in the will to avoid any confusion.
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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