question.jpgIn Trusts and Estates

What is a testamentary gift?

A will outlines how the deceased’s property gets distributed by indicating what property goes to which people. When a will says that certain property goes to a specific person, that is known as a testamentary gift. There are two terms used to refer testamentary gifts, a devise and a bequest. A devise is where the gift is of real property (e.g., land) while a bequest is where the gift is of personal property. While most state laws and courts do not really make a distinction between the terms “devise” and “bequest” anymore, some still do.

There are three general types of testamentary gifts - specific gifts, general gifts and residuary gifts.