Gifts in a Will

In a will, gifts are called bequests.

Such gifts include:

• Specific bequests
  A gift of a specific item or part of an estate is appropriate for heirlooms; to avoid fighting; or for sentiment or control. The description must be very detailed to avoid problems. These gifts are typically administered first during probate.
  

• Demonstrative gift
  A sum paid from another asset: “I give Archie $100 from the sale of my 2018 Tesla.”
  

• General bequest
  A gift payable out of the assets of the estate generally and does not require delivery of any specific item to the beneficiary.
  

• Conditional bequests
  A gift that takes effect, or continues in effect, according to a future event: “to Jim for his college tuition provided he is accepted at State University before his 23rd birthday.”
  

• Residuary bequests
  The property and assets remaining after debts, administrative expenses, and specific and general gifts are paid. Normally, this is the bulk of a person’s estate.
  

• Encumbered bequests
  A gift where the beneficiary accepts the property subject to any liens or encumbrances.