Types of Testamentary Gifts

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Presentation transcript:

Types of Testamentary Gifts

1. Based on type of property 1. Devise -- Gift of real property.

1. Based on type of property 2. Bequest -- Gift of personal property.

1. Based on type of property Specific devise or bequest Ascertainable at time of will execution. “I leave my 1974 AMC Gremlin to X.”

1. Based on type of property Specific devise/bequest of a general nature Not ascertainable until time of death. “I leave my car to X.”

1. Based on type of property 3. General gift – not sufficiently described to be specific Example = Legacy (gift of money)

1. Based on type of property 4. Demonstrative gift Gift of money payable out of designated fund. “I leave $1,000 from my savings account at Frost Bank to X.”

1. Based on type of property 4. Residuary Gift “Forgotten” items or Main gift

2. Based on type of beneficiary 1. Private (non-charitable)

2. Based on type of beneficiary 2. Charitable Relief of poverty Advancement of education Advancement of religion Promotion of health Governmental or municipal purposes

Hurt v. Smith – 1987 – p. 125 “[W]hen classifying bequests in a will, we must consider the testator’s intent by looking at the entire dispositive scheme rather than reaching an arbitrary determination based on ritualistic classification.”