Conditional Bequest Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Conditional Bequest, written in plain English, along with examples of how it is used.
What is Conditional Bequest?
It is a specific term mentioned in the will of a decseased poerson where he states that the gift will be granted only on the occurrence of a certain future event.
History and Meaning of Conditional Bequest
Conditional bequest is a legal term that refers to a specific condition set in a deceased person's will that specifies a gift or asset will only be awarded to a beneficiary if and when a future event happens. This event can be anything, from reaching a certain age to a specific milestone like getting married or graduating from a university. Conditional bequests have been used for centuries as an effective way for people to leave assets to their loved ones while still ensuring that their wishes are respected and honored.
Examples of Conditional Bequest
- John writes in his will that his grandson, Jake, will receive his car as soon as he graduates from college.
- Sarah leaves a sum of money to her daughter when she gets married.
- Chris bequeaths his property to his brother only if he decides to live there and care for his elderly mother.
- Karen leaves her jewelry to her niece only if she moves back to their hometown.
- Tom chooses to leave his house to his children only if they agree to sell it and distribute the profits equally.
Legal Terms Similar to Conditional Bequest
- Residuary bequest - a type of bequest that designates the remaining assets of an estate after all other gifts have been made.
- Discretionary trust - a legal arrangement where a trustee has the power to decide how and when a beneficiary receives their assets.
- Living will - a legal document that outlines the medical treatment a person wishes to receive or avoid when they can no longer make decisions for themselves.
- Power of attorney - a legal document that designates an individual to make decisions on behalf of another person in case they become incapacitated or unable to make decisions for themselves.
- Testamentary trust - a type of trust established in a will that only takes effect upon the death of the testator.