Legal Definitions - devisable

The term devisable describes any asset, right, or interest that can be legally transferred to another person through a valid last will and testament.

Essentially, if something is devisable, its owner has the legal authority to designate who will receive it after their death by including it in their will. This concept most commonly applies to property, encompassing both real property (such as land and buildings) and various forms of personal property (like money, investments, or valuable possessions).

• Example 1: A Vacation Condo

  Mr. Chen owns a vacation condominium in Florida. He drafts a will specifying that upon his passing, this condo should be inherited by his niece. Since the condominium is a piece of real estate that Mr. Chen legally owns and can transfer through his will, it is considered devisable property.

• Example 2: A Portfolio of Stocks and Bonds

  Ms. Rodriguez has a significant investment portfolio consisting of various stocks and bonds. In her will, she directs that this entire portfolio be divided equally among her three children. Because these financial assets are her personal property and she can legally designate their recipients in her will, the portfolio is devisable.

• Example 3: A Patent for an Invention

  Dr. Lee holds a patent for a groundbreaking medical device, which grants him exclusive rights to its invention and commercialization. His will states that all rights and future royalties associated with this patent should pass to a specific research foundation. The patent rights, though intangible, are an asset that Dr. Lee can legally transfer through his will, making them devisable.