Are you wondering about the difference between a devise and a bequest? Many people use these terms interchangeably, but they actually have different meanings in estate planning. Understanding the distinction between the two is crucial if you want to ensure that your assets are distributed in accordance with your wishes after you pass away.
A devise refers specifically to real estate property or land that is left to someone in a will. A bequest, on the other hand, is a gift of personal property, such as money, jewelry, or furniture. While both deal with the transfer of assets after death, they have different legal requirements and procedures that must be followed. If you’re planning your estate, it’s important to know this difference so that you can make informed decisions about how you want to distribute your belongings.
While thinking about what will happen to your assets after you’re gone can be a daunting process, understanding the nuances of estate planning terminology can help make the process easier. Knowing the difference between a devise and a bequest is just one piece of the puzzle, but it’s an important one that can help ensure that your wishes are carried out as intended. So, whether you’re considering creating a will or revising an existing one, taking the time to understand the language of estate planning is a valuable investment.
Legal Terminology
When it comes to estate planning, it’s important to understand certain legal terms to ensure your wishes are carried out properly. Two terms that often come up in estate planning are devise and bequest.
While both devises and bequests refer to gifts made in a will, there is a key difference between the two. A devise is a gift of real property, such as land or a house, while a bequest is a gift of personal property, like jewelry or artwork.
To clarify further, real property refers to physical property that cannot be moved, while personal property refers to movable items. It’s essential to differentiate between the two when creating a will to avoid confusion and ensure that the right property is handed over to the intended recipient.
Other Legal Terminology Related to Estate Planning
- Testator/Testatrix – The person creating the will.
- Executor/Executrix – The person responsible for carrying out the will after the testator/testatrix’s death.
- Intestate – When a person dies without a valid will in place.
Commonly Used Legal Phrases in Wills
When drafting a will, certain phrases are often used to ensure clarity and avoid confusion:
“Per stirpes” – This term is used to specify that if a beneficiary dies before the testator/testatrix, the beneficiary’s share will go to their descendants.
“Per capita” – This term is used to specify that each beneficiary receives an equal share of the estate.
“Residuary estate” – This term refers to any property or assets that are not specifically named in the will.
The Importance of Proper Legal Terminology
Using the correct legal terminology in your will is critical to ensuring that your wishes are carried out exactly as you intended. If you’re unsure about any legal terms related to estate planning, it’s essential to consult an attorney to guide you through the process.
| Term | Definition |
|---|---|
| Devise | A gift of real property in a will. |
| Bequest | A gift of personal property in a will. |
| Real Property | Physical property that cannot be moved. |
| Personal Property | Movable items, like jewelry or artwork. |
Understanding legal terminology related to estate planning can be overwhelming, but it’s crucial to ensure that your wishes are carried out exactly as you intended. With the help of an attorney, you can create a will that uses proper legal terminology to avoid confusion and prevent any disputes down the line.
Inheritance Law
Inheritance law governs how an individual’s property should be distributed after their death, determining who may have a legal claim to the property and how it should be divided. Two common ways that people transfer property after their death are through devises and bequests.
Devises vs. Bequests: What’s the Difference?
- A devise refers to the act of leaving real property, such as land or a home, to an individual or entity in a will. This could include a specific piece of property or a share of property owned by the testator.
- A bequest, on the other hand, refers to the act of leaving personal property, such as money, jewelry, or artwork, to an individual or entity in a will. This could also include specific items or a share of the testator’s personal property.
It’s important to note that while devises primarily refer to real property and bequests primarily refer to personal property, there is some overlap between the two. For example, if an individual owned a family heirloom on their land, they could choose to devise the land and include the heirloom in the devise.
Intestate Succession
If an individual dies without a valid will, their property will be distributed according to the laws of intestate succession. This means that the state will determine who should receive the property based on a predetermined hierarchy of heirs. Typically, the spouse and children are the first to inherit, followed by parents, siblings, and more distant relatives.
Since the individual did not have a will, they could not devise their property. Instead, under intestate succession, their property is distributed as a bequest. However, the specific items that are distributed to each heir will depend on the laws of the state where the individual lived.
Probate and Estate Administration
Whether property is transferred through a devise or bequest, it must go through a legal process known as probate. This involves filing the will in court, notifying heirs and beneficiaries, paying any outstanding debts or taxes, and distributing the estate according to the terms of the will.
In some cases, if the estate is particularly complex or there is disagreement among heirs or beneficiaries, estate administration may be required. This involves the court appointing someone to manage the estate and ensure that it is properly distributed.
| Advantages of a Devise | Advantages of a Bequest |
|---|---|
| Can help ensure that a family home stays in the family | Allows for specific personal items to be gifted to loved ones |
| May offer tax benefits | Can be used to make charitable donations |
| Provides a predictable and clear transfer of ownership | Can be used to set up a trust or other legal arrangement |
Ultimately, whether to use a devise or bequest will depend on the specific circumstances of the individual and their estate. Consulting with an experienced estate planning attorney can help ensure that all options are explored and the best approach is identified.
Property Distribution
When it comes to estate planning, the distribution of property is a critical component that must be carefully considered. Within the realm of estate planning, there are two types of property distribution: devise and bequest.
Devise and bequest are two legal terms that refer to the transfer of property from a decedent to a beneficiary. While the two are similar, there are important differences that distinguish them from each other.
- Devise: A devise is the transfer of real property through a last will and testament. Real property refers to anything that is attached to or part of the land, such as a house or a piece of land. Through a devise, the decedent can specify who they would like to receive their real property after they pass away.
- Bequest: A bequest, on the other hand, is the transfer of personal property through a last will and testament. Personal property refers to anything that is not classified as real property, such as cash or jewelry. Through a bequest, the decedent can specify who they would like to receive their personal property upon their death.
It is important to note that if a decedent does not have a will, their property will be distributed through the laws of intestacy in their respective state. In this case, the property will be distributed according to a predetermined set of rules and regulations, and not in accordance with the decedent’s specific wishes.
When creating an estate plan, it is crucial to consider property distribution carefully. This includes considering the type of property being distributed and who will receive it. Seeking professional guidance from an experienced attorney can help ensure that you create an estate plan that adheres to your wishes and provides for your loved ones.
| Devise | Bequest |
|---|---|
| Real property | Personal property |
| Transferred through a will | Transferred through a will |
| Specified beneficiaries | Specified beneficiaries |
Understanding the differences between devise and bequest can help ensure that your property is distributed according to your intentions. By creating a comprehensive estate plan that includes detailed instructions for property distribution, you can provide for your loved ones and ensure that your assets are managed in the way that you would like.
Estate Planning
When it comes to estate planning, it’s essential to understand the difference between a devise and a bequest. These two terms are often used interchangeably, but they have different meanings under the law.
Devises and Bequests: What’s the Difference?
- Devises: A devise is a gift of real property made in a will. In other words, if you leave your house to your nephew in your will, you are devising the property to him.
- Bequests: A bequest, on the other hand, is a gift of personal property made in a will. So if you leave your stamp collection to your niece in your will, you are bequeathing the collection to her.
- It’s important to note that devises and bequests can also refer to gifts of money. If you leave $10,000 to your church in your will, you are making a bequest of that money.
Considerations for Estate Planning
When you’re creating an estate plan, you’ll need to decide how you want to distribute your assets after you die. The choice between devises and bequests will largely depend on the type of property you own and your personal preferences. Here are some considerations to keep in mind:
- If you own a lot of real property, such as a home or rental properties, you may want to focus on devises in your will.
- On the other hand, if you have a lot of personal property, like jewelry or artwork, you may want to focus on bequests.
- If you have both real property and personal property, you may want to use a combination of devises and bequests in your will.
- It’s also important to consider the tax implications of your estate plan. In some cases, devises and bequests can have different tax consequences, so it’s worth consulting with an estate planning attorney or financial advisor to make sure you’re making the best decisions for your situation.
Devises and Bequests: Examples
To help illustrate the difference between devises and bequests, let’s look at some examples:
| Devises | Bequests |
|---|---|
| You leave your vacation home to your daughter in your will. | You leave your collection of antique vases to your nephew in your will. |
| You leave your rental properties to your son in your will. | You leave your car to your best friend in your will. |
| You leave $50,000 to your favorite charity in your will. | You leave your stamp collection to your niece in your will. |
As you can see from these examples, devises and bequests can refer to a wide range of gifts made in a will. Whether you’re devising property or bequeathing personal items, it’s important to have a clear and comprehensive estate plan in place to ensure that your wishes are carried out after you’re gone.
Testamentary Gifts
Testamentary gifts are a way to leave assets to your loved ones after you pass away. These gifts are typically made in a will or trust and can include devises and bequests. Devises are gifts of real property, while bequests are gifts of personal property.
- Devise: As mentioned, a devise refers to a gift of real property. This can include houses, land, and any other type of real estate. When you make a devise, you are stipulating who should receive that property after you pass away.
- Bequest: On the other hand, a bequest is a gift of personal property. This can include anything from jewelry and clothing to cars and furniture. You can make a bequest to anyone you choose – a family member, friend, or even a charity.
- Conditional Gift: In addition to devises and bequests, you can also make a conditional gift. This type of gift comes with specific conditions that must be met before the beneficiary can receive it. For example, you can leave money to a grandchild on the condition that they use it towards their college education.
It’s important to note that any testamentary gifts you make can have tax implications, so it’s wise to consult with an estate planning attorney or financial advisor to ensure your gifts are structured in the best way possible.
For a clearer understanding of the difference between devises and bequests, take a look at this table:
| Devises | Bequests |
|---|---|
| Gifts of real property | Gifts of personal property |
| Must be stipulated in a will or trust | Can be made in a will, trust, or even in an individual retirement account (IRA) |
| Potential tax implications | Potential tax implications |
Overall, testamentary gifts can be a powerful way to ensure the people and causes you care about are taken care of after you pass away. By understanding the difference between devises and bequests and consulting with a professional, you can create a thoughtful and impactful estate plan.
Probate Process
The probate process is a court-supervised legal process that reviews a deceased person’s will, identifies and values the deceased person’s assets, and distributes those assets to the designated heirs or beneficiaries.
During the probate process, the court oversees the payment of debts and taxes owed by the deceased person and ensures that all assets are distributed according to the person’s will or state law. Understanding the probate process is important for those who wish to create a will or for those who will be involved in administering an estate.
The Difference Between a Devise and a Bequest
- A devise is a gift of real property in a will, while a bequest is a gift of personal property in a will.
- Real property includes land, houses, and other buildings, while personal property includes all other property that is not real property.
- When a person dies, their personal property is typically distributed first, followed by their real property.
Probate Avoidance Strategies
There are several strategies that can be used to avoid probate, including:
- Creating a trust – a trust can hold assets and distribute them without going through probate
- Joint ownership – property owned jointly with another person may pass directly to the survivor without going through probate
- Payable-on-death accounts – these accounts allow the owner to name a beneficiary who will receive the account upon the owner’s death
- Transfer-on-death deeds – these deeds allow the owner of real property to name a beneficiary who will receive the property upon the owner’s death
Probate Costs and Timelines
The cost and timeline of the probate process vary depending on the complexity of the estate and the laws of the state in which the deceased person lived.
Probate can take several months to several years to complete, and the costs of probate can be significant. The executor of the estate may receive compensation for their services, while attorneys and other professionals involved in the probate process may charge fees that can reduce the value of the estate.
| Probate Costs | Probate Timelines |
|---|---|
| Executor’s fee | Open probate: 3-6 months |
| Attorney’s fee | Probate without complications: 6-12 months |
| Court fees | Probate with complications: 2+ years |
It is important to understand the probate process and the costs and timelines associated with it in order to properly plan for the distribution of assets after death.
Executor Duties
When it comes to executing the last will and testament of a deceased individual, the appointed executor has multiple important duties to undertake. One of the major responsibilities of an executor is to manage and distribute the assets of the estate. However, there are many other duties and responsibilities that must be fulfilled in order to successfully execute the estate, including:
- Identifying and locating all of the assets of the estate, including any debts and liabilities
- Applying for probate of the will and obtaining permission from the court to perform the duties of an executor
- Notifying all beneficiaries named in the will as well as any creditors or debtors of the deceased
- Preparing and filing relevant tax returns and paying off any outstanding tax obligations
- Paying off any outstanding debts or liabilities of the deceased, such as mortgages or loans
- Defending any challenges to the will in court
- Distributing the remaining assets of the estate according to the instructions in the will
Due to the complexity of these duties, many executors seek help from an attorney or other professionals to ensure they are fulfilling all of their responsibilities correctly. Additionally, beneficiaries of the estate may also seek legal representation to ensure that their rights are being protected during the execution of the estate.
Conclusion
Although the difference between a devise and a bequest is important to understanding the disposition of assets in a will, it is not the only aspect of estate planning that requires careful consideration. The role of the executor is an essential part of the estate planning process that requires careful consideration and attention to detail in order to ensure that the final wishes of the deceased are carried out according to their intentions.
Whether you are an executor or beneficiary of an estate, it is important to seek the advice of an experienced attorney to guide you through the legal process and ensure that your rights and interests are protected.
What is the difference between a devise and a bequest?
1. What is a devise?
A devise refers to a gift of real property in a will. In simpler terms, it means leaving behind immovable property to someone after your death.
2. What is a bequest?
On the other hand, a bequest refers to a gift given to a person or an organization through the use of a will. It’s commonly used to refer to a gift of money or personal property.
3. What’s the difference between a devise and a bequest?
The main difference is that a devise is used to leave real property (land or buildings) to someone, while a bequest is used to leave personal property (money, jewelry, or household items) to someone.
4. Can I leave both a devise and a bequest?
Yes, you can leave both a devise and a bequest in your will if you have both real and personal property to distribute. It’s important to specify which properties are being distributed with each term.
5. How do I know which one to use?
Deciding between a devise and a bequest depends on the type of property you’re leaving behind. If it’s real property, then use a devise. If it’s personal property, then use a bequest.
Closing Thoughts
Thank you for taking the time to read this article on the difference between a devise and a bequest. It’s important to understand the terms that are used in a will, especially if you’re planning to create one. Remember, a devise is used for real property, while a bequest is used for personal property. If you have any questions on this topic, we encourage you to seek the advice of an experienced attorney. Thanks for reading and please visit us again later for more informative articles.