Bequest – within the sphere of Inheritance Law in some jurisdictions, this term details something given with a written personal will, but not a real estate. This could be money, for example, or movable property. These include a car, a motorbike, a painting or other valuable item that you wish to give to your chosen heir(s).
A bequest could also refer to the whole procedure of administering the inheritance pot of people who have passed away. It includes the procedure of making a personal will a valid one. This happens with registering a will. And administering the inheritance pot per the provisions of the will (depending on the local legislation). The inheritance pot includes the valuable probate assets that have to go through the probate process. Which process will resolve all claims by heirs (and other interested parties) and will share the deceased person’s assets under the provisions of their personal will.
A synonym is “probate”.
*Note that it is advisable to consult with a lawyer before making a will. Lawyers can advise you about the best procedure to reach your goals with leaving a will. In some jurisdictions, lawyers are also entitled to prepare the text of the will too.
A synonym is “bequeath”.
