| Term |
What it Means |
| Bequest |
A gift made in your will (strictly speaking, of personal property). |
| Devise |
A bequest of real estate. |
| Pecuniary Bequest |
A bequest of a dollar amount. |
| Specific Bequest |
A bequest of a unique asset (my wedding ring). |
| General Bequest |
A bequest of a particular kind of property “100 shares of stock in XYZ Corporation.” The executor could go out and purchase appropriate shares, if necessary. |
| Residuary Bequest |
A bequest of whatever remains in the estate after all other bequests have been satisfied. |
| Contingent Bequest |
A provision that passes a bequest to an alternative beneficiary if the primary beneficiary has died. |
| Disclaimer |
A wills clause that enables a beneficiary to refuse part or all of a bequest, with the result that the property passes to a designated beneficiary. |
| Per Stirpes |
A distribution method that assigns a deceased child’s share of an estate to his or her descendants. |
| Intestate |
Someone who dies without a will, with the result that some or all of the estate passes according to state laws of “descent and distribution.” |
| Codicil |
An amendment to your will. |
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