Not every client we work with has intimate knowledge of how estate planning works and what goes into ensuring they have a plan that protects everyone they love and everything they own. Often, this is their first time making decisions on money, property, medical care, beneficiaries, dependent care, and a litany of other matters that need answers sooner rather than later. They also hear various legal terms for the first time, many of which only confuse things. An example is the term “Bequest.” 

You may have heard the term bequest thrown around a time or two in passing, but what does that mean exactly?

Bequest — Defined

In simple terms, a bequest is the act of leaving cash, assets, investments, jewelry, precious family heirlooms, etc., to someone else (a family member, friend, charity organization, or another chosen beneficiary) in your Last Will and Testament. By doing so, you are essentially saying in the terms of your Will that upon your death, you are gifting a personal item to a beneficiary of your choice.

Perhaps you have heard bequest used more commonly as “bequeath” or “bequeathing.” For example:

“I bequeath my collection of baseball cards from the 1927 New York Yankees to my brother, Tom.”

“To my sister, I am bequeathing my Ferrari.”

“Veronica acquired that rare painting by bequest at her brother’s Will reading.”

“To Christian and Jackson, I leave $500,000 to help pay for future college tuition.”

“I am leaving $5,000,000 to my local Boys and Girls Club organization.”

Granted, you can always give gifts to family, friends, and causes you support while alive. But this act is not considered a bequest unless you leave something to beneficiaries outlined in your Will.

Why Having a Will and a Trust Might Be Better in the Long Run

Wills are a great place to start your estate planning strategy. But, like most things, their intended purpose is limited. Estate planning involves a slew of legal documents that cover every base, including, but not limited to, Trusts, powers of attorney, burial directives, advanced healthcare directives, and special needs trusts.

When combined and updated regularly, these documents ensure your bases are covered today, tomorrow, and for years down the road.

The good news is that you do not have to decide about having a Will, Trust, or both by yourself. That is why you chose Leigh Hilton PLLC as your estate planning attorney. We take the time to understand your unique situation and carefully explain every estate planning document and how it may benefit you so that you can make the most informed decisions for your future.

Call Leigh Hilton PLLC Today!!

How do you decide whether to use a Will, Trust, or both? Call Leigh Hilton PLLC in Denton, and we will help you determine which one serves you best. We have ample experience using each instrument and will consider your particular situation. Proper estate planning, whether through a Will, Trust, or both, helps ensure your wishes are honored.

Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.

Thanks for reading!