An asset you leave to someone after you die. These items are the kind of thing included in a will, as in "And to my beloved niece Samantha, I leave my rare collection of miniature pewter tea kettles."
Bequests don't just go to individuals though. You can bequeath (that's the verb form, btw) things to organizations and charities as well. For instance, when famed real estate and hotel mogul Leona Helmsley died in 2007, she included instructions in her will to create a trust valued at $12 million for her dog (she had left her grandkids $5 million each). A judge eventually cut the dog's share to $2 million, according to Forbes.
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Finance: What is a Beneficiary?25 Views
Finance a la shmoop.. what is a beneficiary? well in Latin, bene is
good so this is like a good place to catch fish...well close not [Old man fishing in the ocean]
really but being a beneficiary is good it means you get stuff like if you are
the beneficiary of weird uncle Al's will then you get his odd collection of hair
balls shaped like US presidents and thirty two thousand two hundred sixty [Uncle Al's will appears]
$9.32... in essence then you are the beneficiary of his will you are the one
set up to benefit by the death of someone who wanted to favor you with
their assets when they had you know passed on to the great beyond where hair [Uncle Al with white wings in heaven]
balls will fall....
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What does it mean to die intestate, and have your estate go into probate? Whatever it means, it'd make a decent rhyme in a financial rap.
A regular trust is a legal vehicle into which assets are placed so that it is legally clear who is to receive what. A living trust is a established...