The bequeathed asset, known as a Bequest can encompass various types of property, including money, real estate, jewelry, artwork, personal belongings, and more.
For example, a person might write in their will, "I bequeath my antique watch to my son, John, and my collection of books to my niece, Jane."
When a person creates a will, they can specify how their property should be distributed after their death.
Bequests are an essential component of the Estate Planning process and are subject to the legal formalities of the state in which the will is executed.
The terms of the bequests outlined in the will must be followed during the Probate process, which is the legal process of validating a deceased person's will, paying their debts, and distributing remaining assets according to their wishes.