Bequest and devise

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Historically, a bequest is personal property given by will and a devise is real property given by will.[1][2] Today, the two words are often used interchangeably.

The word bequeath is a verb form for the act of making a bequest.

Etymology

Bequest comes from Old English becwethan, "to declare or express in words" — cf. "quoth".

Interpretations

Part of the process of probate involves interpreting the instructions in a will. Some wordings that define the scope of a bequest have specific interpretations. "All the estate I own" would involve all of the decedent's possessions at the moment of death.[3]

A conditional bequest is a bequest that will be granted only if a particular event has occurred by the time of its operation. For example, a testator might write in the will that "Mary will receive the house held in trust if she is married" or "if she has children," etc.

An executory bequest is a bequest that will be granted only if a particular event occurs in the future. For example, a testator might write in the will that "Mary will receive the house held in a trust set when she marries" or "when she has children".

In some jurisdictions, a bequest can also be a deferred payment, as held in Wolder v. Commissioner, which will impact its tax status.

Explanations

In microeconomics, theorists have engaged the issue of bequest from the perspective of consumption theory, in which they seek to explain the phenomenon in terms of a bequest motive.

Oudh Bequest

Main article: Oudh Bequest

The Oudh Bequest is a

mujtahids, one from each city. The British later gradually took over the bequest and its distribution; according to scholars, they intended to use it as a "power lever" to influence Iranian ulama and Shia.[7]

American tax law

Recipients

In order to calculate a taxpayer's income tax obligation, the gross income of the taxpayer must be determined. Under Section 61 of the U.S.

Federal Income Tax Act.[10]

Donors

One reason that the recipient of a bequest is usually not taxed on the bequest is because the donor may be taxed on it. Donors of bequests may be taxed through other mechanisms such as federal wealth transfer taxes.[10] Wealth Transfer taxes, however, are usually imposed against only the very wealthy.[10]

References

  1. ^ Black's Law Dictionary 8th ed, (West Group, 2004)
  2. ^  One or more of the preceding sentences incorporates text from a publication now in the public domain: Chisholm, Hugh, ed. (1911). "Bequest". Encyclopædia Britannica. Vol. 3 (11th ed.). Cambridge University Press. p. 761.
  3. ^ Law.com, Law Dictionary: all the estate I own
  4. ISBN 9780520041004
    . Retrieved 19 November 2016.
  5. S2CID 155865344
    .
  6. ISBN 0691115753
    . Retrieved 13 November 2016.
  7. S2CID 153498972
    .
  8. ^ "US CODE: Title 26,61. Gross income defined". Law.cornell.edu. Retrieved 2013-01-20.
  9. ^ a b "US CODE: Title 26,102. Gifts and inheritances". Law.cornell.edu. Retrieved 2013-01-20.
  10. ^ a b c Samuel A. Donaldson (2007). Federal Income Taxation of Individuals: Cases, Problems and Materials, 2nd Edition, St. Paul: Thomson/West, 93

External links

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