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Bequest Elements can generally be categorised as follows:
Type of Bequest |
Description |
Conditional Bequest |
The gift that is subject to certain conditions for example, money will be donated for medical research grants on the condition that the grants bear the name of that person. |
Discretionary Bequest |
A gift that is to be managed at the discretion of the executors. |
Life Bequest |
A gift that depends upon an occurrence of a life event. For example, a husband may leave the family home for his wife’s use in her lifetime and request that it be passed on to a charity after her death. |
Pecuniary Bequest |
A gift of money, the value of which may not necessarily be quantifiable at the time of the Bequest becoming active. This may include funds generated from the sale of shares or property. |
Residuary Bequest |
A gift of the remainder of an estate after all other Bequests have been made and debts cleared. |
Specific Bequest |
A gift of shares, property, works of art, jewelery, vehicles or any other item that is specifically named in a Will. |
You can also create new lookup values for Bequest Element Types if the above types do not cover what you want, see Legacy --> LegacyType.
