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Types of Testamentary Gifts

Types of Testamentary Gifts. 1. Based on type of property. 1. Devise -- Gift of real property. 1. Based on type of property. 2. Bequest -- Gift of personal property. 1. Based on type of property. Specific devise or bequest Ascertainable at time of will execution.

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Types of Testamentary Gifts

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  1. Types of Testamentary Gifts

  2. 1. Based on type of property • 1. Devise -- Gift of real property.

  3. 1. Based on type of property • 2. Bequest -- Gift of personal property.

  4. 1. Based on type of property • Specific devise or bequest • Ascertainable at time of will execution. • “I leave my 1974 AMC Gremlin to X.”

  5. 1. Based on type of property • Specific devise/bequest of a general nature • Not ascertainable until time of death. • “I leave my car to X.”

  6. 1. Based on type of property • 3. General gift – not sufficiently described to be specific • Example = Legacy (gift of money)

  7. 1. Based on type of property • 4. Demonstrative gift • Gift of money payable out of designated fund. • “I leave $1,000 from my savings account at Frost Bank to X.”

  8. 1. Based on type of property • 4. Residuary Gift • “Forgotten” items or • Main gift

  9. 2. Based on type of beneficiary • 1. Private (non-charitable)

  10. 2. Based on type of beneficiary • 2. Charitable • Relief of poverty • Advancement of education • Advancement of religion • Promotion of health • Governmental or municipal purposes

  11. Hurt v. Smith – p. 127 • “[W]hen classifying bequests in a will, we must consider the testator’s intent by looking at the entire dispositive scheme rather than reaching an arbitrary determination based on ritualistic classification.”

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