Bequest is a gift of personal property made through a will. Traditionally, bequests have been used for the giving of personal property, while devises have been used for the giving of real property. However, bequests can also refer to real property if the will clearly indicates an intent to give real property as a bequest to another person.
Bequests can be subject to various conditions, such as being effective only after the occurrence of certain events. A bequest can be a specific asset or a residue, i.e., something that remains after some disposition has been made.
[Last updated in July of 2022 by the Wex Definitions Team]