What is a bequest in a will, and what are the different types available in Australia?
A bequest is simply the formal word for something you leave to someone in your Will. There are three common types. A specific gift is a named item, such as a ring or a car. A general bequest is a sum of money from the general pool of assets. A residuary bequest is a percentage of whatever is left after other gifts and debts. You can also make conditional or charitable gifts. The wording has to be right, or a gift can fail, which is why it helps to leave gifts clearly in your Will.
For related guidance, see what is a codicil to a will in Australia, and when should you use one instead of rewriting your will?.
Read the video transcript
A bequest is just a formal word of leaving something to someone under a Will. There are three common types of bequests. A specific gift such as leaving a specific item to a person, i.e. My engagement ring or my motor vehicle, a general bequest being a monetary gift from the general pool of assets, and a residuary bequest being a percentage of the remainder of the estate. You can also make conditional or charitable bequests, but it is important to get the wording correct, otherwise such gift may fail.
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