Legal Definitions - monetary bequest

A monetary bequest refers to a specific gift of money made to an individual or an organization through a last will and testament. It is a directive within a will that specifies a fixed sum of currency to be transferred to a designated beneficiary after the testator's death. This type of bequest is distinct from gifts of specific physical items (like a car or a piece of art) or a share of the remaining estate (the residuary estate).

• Example 1: Gift to an individual for a specific purpose

  In her will, Ms. Eleanor Vance included the clause: "I give and bequeath the sum of $50,000 to my grandson, Michael Chen, to assist with his university tuition."

  Explanation: This is a monetary bequest because Ms. Vance has specified an exact amount of money ($50,000) to be given to a named individual (Michael Chen) through her will, illustrating a direct cash gift from her estate.

• Example 2: Gift to a charitable organization

  Mr. Robert Sterling's will states: "I leave $25,000 to the 'Green Earth Conservation Fund' to support their environmental protection initiatives."

  Explanation: This demonstrates a monetary bequest as Mr. Sterling has designated a precise sum of money ($25,000) to be given to a specific organization (the Green Earth Conservation Fund) as part of his estate plan, highlighting a cash donation to a charity.

• Example 3: Simple cash gift to a friend

  A provision in Mrs. Clara Davies's will reads: "To my dear friend and neighbor, Mr. Thomas Miller, I bequeath $10,000 as a token of our long friendship."

  Explanation: This is an example of a monetary bequest because the will directs a specific cash amount ($10,000) to be distributed to a named individual (Mr. Thomas Miller) upon Mrs. Davies's death, showing a straightforward cash gift to a non-family member.