What is a bequest?A bequest is the giving of property via a will. There are two different types of wording to describe what kind of bequest is being used. There are conditional bequests that are given only if a certain event has occurred by the time of the death and there are executor bequests that are given only if a certain event happens in the future.
In the state of Texas, can an heir refuse a bequest in a will and redirect the bequest to a chosen sibling?A bequest can be refused by an heir but delegating who the bequest will then go to is not within their powers. If a bequest is refused then the asset will pass to heirs according to the conditions of the will. Refusal of a bequest is called a disclaimer and must be given in writing. The disclaimer would need to be notarized and given to the executor of the will within a certain time period from the date of the death.
I received a bequest, while married, of $500,000 from a grandparent, which I still have in investments in my name. Will that asset remain with me solely after divorce or will the court deem that to be a marital asset under Missouri law?Under Missouri law, marital property is allocated between spouses. There is a statute that excludes inheritance (gifts, bequests, devise or descent) from the umbrella of marital property. Missouri also excludes from marital property any increase of value from the inheritance.
What is the simplest way to eliminate a monetary bequest to someone?A bequest is found in a will. Any types of marking or crossing out on a legal and valid will would more than likely void the will. In order to eliminate or make a change to a bequest an individual will need to either create a new will or they can create a codicil to the current will.
Can the person that filed the letter of Administration change the monetary specific Bequest or anything in a Last Will and Testament and what is a monetary specific Bequest?A monetary specific bequest is basically a specific amount of money that is left to a certain named person in a will. There is no one except the person who will names bequest that is allowed to change any portion of the will. Once the person has died then absolutely no one can change the will. With that being said there are times when bequests are not honored. This will happen if the bequest is no longer in the estate to be honored. As an example, if John was bequeathed $1,000 and the estate has no money after expenses are paid, then the bequest cannot be honored because there is no money to be given.
Having a good understanding and gather the right kind of information about bequests can help when dealing with circumstances involving last wills and testaments. Experts can help with questions about what a bequest is or if a bequest can be refused. Get the answers fast and affordably by asking an Expert.