Gifts made at the time of death (whether through a Will or a Living Trust) are made as specific bequests or residuary bequests. Read on to learn the difference.
Gifts made at the time of death (whether through a last will and testament or a living trust ) are made as specific bequests or residuary bequests.
Specific Bequests : A specific bequest is a gift (bequest) or a specific item or asset to a named person or entity. For example, specifically providing that your diamond ring shall be given to your daughter is a specific bequest. Or, you may specifically provide that $1,000 shall be distributed to each of your five grandchildren. Specific bequests are usually made at the beginning of a last will or living trust, followed by other provisions that provide for the distribution of the other assets of your estate.Residuary Bequests : A residuary bequest is a gift (bequest) of all or a portion of the remaining assets after making distributions of specific bequests. Specifically providing that all of your remaining property shall be distributed in equal shares to your daughter and your favorite charity is an example of two residuary bequests.
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