Specific bequests or residuary bequests are gifts given at the time of death (whether via a Will or a Living Trust). Continue reading to discover the difference.
Specific bequests or residuary bequests are gifts given at the time of death (whether via a final will and testament or a living trust).
A particular bequest is a gift (bequest) or a specific object or asset given to a designated person or organisation. A particular bequest, for example, specifies that your diamond ring be handed to your daughter. Alternatively, you may specify that $1,000 be given to each of your five grandkids. Specific bequests are often made at the outset of a last will and testament or living trust, followed by additional provisions that arrange for the distribution of your estate’s other assets.
Residuary Bequests: A residuary bequest is a gift (bequest) of all or a part of the residual assets after specified bequest distributions have been made. Two examples of residuary bequests are specifically directing that all of your remaining property be divided in equal parts to your daughter and your chosen charity.
