16:43
friday in the 4HL...you can really feel the pull of the weekend
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Simple English definitions for legal terms
general bequest
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A quick definition of general bequest:
A general bequest is when someone leaves a certain amount of money or property from their overall estate, rather than from a specific item or fund. For example, if someone says "I leave $50,000 to B as an inheritance," that is a general bequest. The money or property comes from the general assets of the estate. Sometimes the amount of the bequest may need to be adjusted if the value of the estate changes over time. This is different from a specific bequest, which is when someone leaves a particular item or piece of property to someone else.
A more thorough explanation:
A general bequest is a type of inheritance where a specific amount of money or property is given to a beneficiary from the general assets of the testator's estate. This means that the bequest is not tied to any specific fund or property.
For example, if a person writes in their will, "I leave $50,000 to my niece as an inheritance," this is a general bequest. The executor of the estate will use the general assets of the estate to fulfill this bequest.
Another example of a general bequest is, "I leave 10% of my estate to charity." This bequest is not tied to any specific property or fund, but rather a percentage of the overall estate.
It's important to note that the value of a general bequest may change over time due to fluctuations in the value of the estate. For example, if the estate's value decreases, the amount of the bequest may need to be adjusted to ensure that all creditor claims are fulfilled.