When creating a will or other estate plan, it’s essential to understand how different types of assets are handled. Two terms that often come up are “special bequest” and “personal property.” While both relate to items that you might leave to your loved ones, they have distinct legal meanings and implications. Understanding the difference between a special bequest and personal property is crucial to ensure your wishes are honored and your estate is distributed according to your intentions. This article will explore these concepts in detail, providing clear definitions, examples, and highlighting the importance of careful planning. We’ll also touch on how Wills.com can help you manage these aspects of your estate.
Defining a Special Bequest
A special bequest, also known as a specific bequest, is a provision in a will that directs the transfer of a particular item or asset to a specific person or organization. It’s a way to ensure that certain items that hold personal or sentimental value, or that have a specific meaning to you, are passed down to the people you choose.
Key characteristics of a special bequest include:
- Specific Item or Asset: It involves a clearly defined item, such as a piece of jewelry, a specific piece of art, a particular piece of real estate, or a specific amount of money.
- Named Beneficiary: The bequest specifies a specific individual, family member, or organization that will receive the item.
- Priority: Special bequests are often given priority over other distributions in the will, which means that they will be distributed first.
- Emotional Significance: Often, special bequests are designed to pass on items that hold emotional or sentimental value.
Defining Personal Property
Personal property, on the other hand, is a much broader term that encompasses all of your movable possessions, such as:
- Furniture
- Clothing
- Jewelry
- Vehicles
- Household items
- Artwork
- Collectibles
- Digital Assets (photos, videos, etc.)
Personal property is anything that is not considered real property (land and buildings), and it includes all of your movable belongings.
Key Differences Between Special Bequests and Personal Property
Here are some of the most important distinctions between special bequests and personal property:
- Specificity: A special bequest is specific, identifying a particular item and beneficiary. Personal property is a general category of possessions.
- Purpose: Special bequests are designed to honor a specific relationship or ensure that a particular item goes to a specific person, while personal property is often grouped together, and is not assigned to any specific person.
- Legal Treatment: Special bequests are often handled separately in a will, while personal property may be subject to a more general distribution of assets.
- Emotional Significance: Special bequests often carry significant emotional or sentimental value, while personal property may not.
Why Understanding the Distinction Matters
Understanding the difference between a special bequest and personal property is crucial for creating a comprehensive estate plan that reflects your wishes. Here’s why:
1. Clarity and Precision
Using the right terminology in your will ensures that your intentions are clear and that your assets are distributed as you want them to be. If you want a specific person to receive a specific item, it is essential to identify it as a “special bequest.”
2. Avoiding Disputes
Clearly defining your special bequests, and separating them from your general personal property, can help prevent family disputes and misinterpretations after you are gone. When all of your wishes are clear, there will be less room for any confusion or potential legal challenges.
3. Honoring Your Values
By choosing specific items to be given through a special bequest, you can ensure that objects of sentimental value are passed on to the people who you feel will appreciate them, and that your values will be honored in the future.
4. Protecting Your Legacy
Properly distinguishing between special bequests and personal property allows you to create a legacy that accurately reflects your wishes, and ensures that the people who you care about will be taken care of.
How to Include Special Bequests in Your Will
When creating your will, be sure to follow these guidelines when including special bequests:
- Use Specific Descriptions: Clearly describe each item or asset that you are leaving as a special bequest, and try to avoid using any vague language that can be misinterpreted.
- Identify Beneficiaries Clearly: Use full legal names and addresses of each beneficiary who is to receive a special bequest.
- State Your Intentions: Clearly state that you are leaving the item as a “special bequest,” to make sure there is no confusion about how that item should be handled.
- Consider Legal Advice: If you have complex requests, consult with an attorney to ensure your bequests are legally binding and enforceable.
Wills.com: Simplifying Estate Planning and Bequests
Wills.com is designed to make estate planning accessible, affordable, and straightforward, and to provide you with all the tools you need to create a plan that is customized to your unique needs. Here’s how Wills.com can help you manage both special bequests and personal property:
- State-Specific Legal Documents: Create a legally binding will that is specific to your state, and that includes clear and detailed bequests that will be honored.
- Secure Document Storage (Vaultly™): Store all of your important documents, including your will, in our secure Vaultly™ service.
- Remote Online Notarization (RON): Notarize your will from the comfort of your home, with our secure and convenient Remote Online Notarization service.
- Automated Delivery via Mobile App: Set automated delivery protocols, ensuring that your will, and all other instructions will be delivered to your chosen executor at the right time.
- Digital Legacy Management: Document your digital assets and create clear instructions on how you want them to be managed after you’re gone, and also ensure that those assets can be passed on to your chosen beneficiaries.
- Video Instructions: Record video instructions that will provide additional clarity to your loved ones, and also allow you to share your memories and the reasons why you have made these decisions about your bequests.
Take Control of Your Legacy Today
Understanding the difference between a special bequest and personal property is an essential part of creating a comprehensive estate plan. By taking the time to clearly define your wishes, and by using the right tools, you can ensure that your legacy will be honored and that your loved ones will be provided for. Wills.com is here to help you every step of the way, and to make sure that you can take control of your legacy today.
Disclaimer: This article is not legal advice. If you want legal advice, you should consult with a lawyer.