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Simple English definitions for legal terms
testamentary gift
Read a random definition: Worker Adjustment and Retraining Notification Act (WARN Act)
A quick definition of testamentary gift:
A testamentary gift is a type of gift that is made in a will. It is a way for someone to give their property or belongings to someone else after they pass away. This is different from a gift given during someone's lifetime, which is called an inter vivos gift. A testamentary gift can be given to anyone the person making the will chooses, such as a family member or friend. It is important to have a will in order to make sure that your property is distributed according to your wishes after you die.A more thorough explanation:
A testamentary gift is a type of gift that is made in a will. It is a voluntary transfer of property to another without compensation. The thing transferred is called a gift.
For example, if a person writes in their will that they want to leave their car to their niece, that is a testamentary gift. The car is the thing transferred, and the niece is the recipient of the gift.
Testamentary gifts can also be made to organizations, such as a charity or a religious institution. For instance, if a person writes in their will that they want to donate $10,000 to a local animal shelter, that is a testamentary gift.
It is important to note that a testamentary gift only takes effect after the person who made the will has passed away. Until then, they can change or revoke the gift at any time.