When it comes to passing on assets and property to loved ones, the terms “bequest” and “inheritance” are often used interchangeably. However, there are key differences between the two that are important to understand.
While both terms refer to the transfer of assets after someone has passed away, “bequest” specifically refers to a gift that is left to someone in a will. On the other hand, “inheritance” refers to the assets that are passed on to someone through the laws of intestacy when there is no will in place.
It’s important to understand the difference between these two terms, as it can have implications for both the person leaving the assets and the person receiving them. In this article, we’ll explore the differences between bequests and inheritances in more detail, and what you need to know about each.
Define Bequest
Bequest is a legal term that refers to the act of leaving property or assets to someone in a will or testament. The person who makes the bequest is known as the testator, and the person who receives the bequest is known as the beneficiary. Bequests can be made to individuals, organizations, or charities, and can include a wide range of assets, such as real estate, personal property, stocks, and cash.
Define Inheritance
Inheritance is a legal term that refers to the transfer of property or assets from a deceased person to their heirs, as determined by the laws of intestacy or by a valid will. Inheritance can include a wide range of assets, such as real estate, personal property, stocks, and cash. The distribution of inheritance is typically overseen by an executor or administrator of the estate, who is responsible for ensuring that the assets are distributed according to the wishes of the deceased or the laws of intestacy.
How To Properly Use The Words In A Sentence
When it comes to estate planning and passing on assets to your loved ones, it’s important to use the correct terminology to avoid confusion and legal issues. Two commonly used terms are bequest and inheritance. Here’s how to use them properly in a sentence.
How To Use Bequest In A Sentence
Bequest refers to the act of leaving something to someone in a will or other legal document. Here are a few examples of how to use bequest in a sentence:
- My grandfather’s will included a bequest of his antique watch to me.
- The wealthy philanthropist made a bequest of $1 million to the local hospital.
- She decided to bequest her entire estate to her favorite charity.
As you can see, bequest is typically used in the context of a will or legal document, and refers to a specific item or amount of money being left to someone.
How To Use Inheritance In A Sentence
Inheritance, on the other hand, refers to the assets and property that are passed down to someone after a person’s death. Here are some examples of how to use inheritance in a sentence:
- After his father’s death, John received a large inheritance that included a house and several investments.
- She was surprised to learn that she had inherited a valuable painting from her great-aunt.
- The family’s inheritance was divided equally among the siblings.
As you can see, inheritance is used to describe the assets or property that are passed down, rather than a specific item or amount of money. It’s important to use the correct terminology when discussing estate planning and passing on assets, to ensure that everyone involved understands the process and their rights.
More Examples Of Bequest & Inheritance Used In Sentences
When it comes to estate planning, the terms bequest and inheritance are often used interchangeably. However, they have distinct meanings and implications. Here are some examples of using bequest and inheritance in a sentence:
Examples Of Using Bequest In A Sentence
- Her grandmother’s bequest allowed her to pay off her student loans.
- The charity received a bequest of $10,000 from a generous donor.
- He made a bequest of his antique car collection to his son.
- The artist’s bequest of her paintings to the museum was a great honor.
- She left a bequest in her will for the care of her beloved dog.
- The library received a bequest of rare books from a local historian.
- His bequest of his estate to his second wife caused controversy among his children.
- The university received a bequest of land from a former professor.
- She made a bequest of her jewelry to her granddaughter.
- The church was grateful for the bequest of a new organ from a parishioner.
Examples Of Using Inheritance In A Sentence
- He inherited his father’s business and expanded it into a successful company.
- She received a large inheritance from her wealthy aunt.
- The family fought over the inheritance of their father’s antique furniture.
- The siblings shared equally in the inheritance of their mother’s estate.
- He used his inheritance to travel the world and write a book about his experiences.
- She was surprised to learn that she had inherited a valuable painting from her grandfather.
- The inheritance tax on his father’s estate was a significant expense.
- He donated a portion of his inheritance to charity in honor of his late mother.
- The inheritance of the family farm caused tension between the siblings.
- She invested her inheritance in stocks and bonds to secure her financial future.
Common Mistakes To Avoid
When it comes to estate planning, there are many legal terms that can be confusing. One of the most common mistakes people make is using the terms “bequest” and “inheritance” interchangeably. While they may seem similar, they actually have different meanings and implications. Here are some common mistakes to avoid:
Mistake #1: Using Bequest And Inheritance Interchangeably
Bequest and inheritance are often used interchangeably, but they have different meanings. A bequest is a gift of personal property made in a will, while an inheritance is the transfer of property to an heir after the owner’s death. In other words, a bequest is a specific gift made in a will, while an inheritance is the transfer of all assets after death.
It’s important to use the correct term when discussing your estate plan, as it can impact how your assets are distributed and taxed.
Mistake #2: Assuming Bequests Are Only For The Wealthy
Another common mistake is assuming that bequests are only for the wealthy. However, anyone can make a bequest in their will, regardless of their net worth. A bequest can be as simple as leaving a treasured family heirloom to a loved one.
By making a bequest, you can ensure that your assets are distributed according to your wishes and can provide for your loved ones after you’re gone.
Mistake #3: Failing To Update Your Estate Plan
A final common mistake is failing to update your estate plan. Life changes, and so should your estate plan. If you fail to update your plan, your assets may not be distributed according to your wishes.
It’s important to review your estate plan regularly, especially after major life events such as marriage, divorce, birth of a child, or the death of a loved one. By keeping your estate plan up to date, you can ensure that your wishes are carried out and your loved ones are provided for.
Tips To Avoid These Mistakes
Here are some tips to avoid these common mistakes:
- Take the time to understand the difference between bequests and inheritances
- Consult with an estate planning attorney to ensure your plan is up to date
- Regularly review and update your estate plan to reflect changes in your life
Context Matters
When it comes to estate planning, the choice between bequest and inheritance can depend on the context in which they are used. While the terms are often used interchangeably, they have distinct differences that can impact the distribution of assets and the tax implications for beneficiaries.
Bequest
A bequest is a gift of personal property or assets that are specified in a will. This type of distribution is often used when the testator wants to leave a specific item or amount of money to a particular person or organization. Bequests can be used to provide for loved ones, support charitable causes, or leave a legacy.
One context in which a bequest might be preferred is when the testator has a sentimental attachment to a particular item or wants to ensure that it goes to a specific person. For example, a family heirloom or a piece of art may hold significant emotional value and the testator may want to ensure that it is passed down to a particular family member.
Inheritance
Inheritance, on the other hand, refers to the distribution of assets to heirs according to the laws of intestacy or a will. This type of distribution is often used when the testator wants to leave their assets to their surviving spouse, children, or other family members in equal shares.
One context in which inheritance might be preferred is when the testator wants to ensure that their assets are distributed fairly among their loved ones. For example, if the testator has several children and wants to ensure that each child receives an equal share of their assets, inheritance may be the best option.
Examples
To illustrate how the choice between bequest and inheritance can depend on the context, consider the following examples:
| Context | Preferred Option |
|---|---|
| A testator wants to leave their antique car to their grandson who shares their love of classic cars | Bequest |
| A testator wants to ensure that their assets are distributed equally among their three children | Inheritance |
| A testator wants to leave a sum of money to a charity that is important to them | Bequest |
As these examples demonstrate, the choice between bequest and inheritance can depend on the specific circumstances of the testator’s estate plan. By understanding the differences between these two options, individuals can make informed decisions that align with their goals and priorities.
Exceptions To The Rules
While the terms bequest and inheritance are often used interchangeably, there are some exceptions to the rules where these terms may not apply. Here are some cases where the traditional rules for using bequest and inheritance may not apply:
1. Joint Tenancy
In joint tenancy, two or more people own a property together and have equal rights to it. When one of the owners dies, their share of the property automatically passes to the surviving owner(s) without going through probate. This means that the property does not need to be bequeathed or inherited, as the surviving owner(s) already have legal ownership of the entire property.
2. Living Trusts
A living trust is a legal document that allows a person to transfer their assets into a trust while they are still alive. The assets in the trust are managed by a trustee, who distributes them to the beneficiaries named in the trust document after the person’s death. Since the assets in a living trust are already transferred to the trust, they do not need to go through probate and do not need to be bequeathed or inherited.
3. Community Property
In community property states, any property acquired during a marriage is considered community property and is owned equally by both spouses. When one spouse dies, their share of the community property automatically passes to the surviving spouse without going through probate. This means that the property does not need to be bequeathed or inherited, as the surviving spouse already has legal ownership of the entire property.
4. Gifts
Gifts are transfers of property from one person to another without any expectation of receiving something in return. When a person receives a gift, they do not need to bequeath or inherit it, as they already have legal ownership of the property. However, if the gift is made with certain conditions or restrictions, such as a requirement to use the property in a certain way, it may be considered a bequest or inheritance.
Understanding the exceptions to the rules for using bequest and inheritance is important for anyone who is planning their estate or dealing with the estate of a loved one. By understanding these exceptions, you can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after your death.
Practice Exercises
One of the best ways to improve your understanding and use of bequest and inheritance is through practice exercises. With these exercises, you can test your knowledge and gain confidence in your ability to use these terms correctly. Here are some exercises to get you started:
Exercise 1: Fill In The Blank
Fill in the blank with either bequest or inheritance:
- She received a large _______ from her grandfather’s estate.
- He left a _______ to his favorite charity in his will.
- After her mother passed away, she inherited her _______.
- He was surprised to learn that he had been named as a _______ in his uncle’s will.
Answer Key:
- inheritance
- bequest
- bequest
- bequest
Exercise 2: Multiple Choice
Choose the correct word to complete each sentence:
- When someone leaves property to someone else in their will, it is called a:
- a) bequest
- b) inheritance
- c) both a and b
- a) gift
- b) legacy
- c) both a and b
- a) the laws of intestacy
- b) the laws of bequest
- c) the laws of inheritance
Answer Key:
- c
- c
- a
By practicing with exercises like these, you can improve your understanding and use of bequest and inheritance. Remember, a bequest is a gift left in a will, while an inheritance is property received from someone who has died. With practice, you can use these terms confidently and accurately.
Conclusion
After exploring the nuances between bequests and inheritances, it is clear that these terms are not interchangeable. A bequest is a gift given through a will or trust, while an inheritance is the transfer of assets after someone has passed away. Understanding the distinction between these terms is essential for anyone who wants to navigate the world of estate planning and inheritance law.
One key takeaway from this article is the importance of proper language use when discussing legal matters. Using the correct terminology can help avoid confusion and ensure that everyone involved in the process understands the same thing. Additionally, it is important to seek out expert advice when dealing with complex legal matters, such as estate planning and inheritance.
Another takeaway is the significance of planning ahead. By creating a will or trust, individuals can ensure that their assets are distributed according to their wishes. This can help prevent disputes and confusion among family members after someone has passed away.
Finally, it is important to continue learning about grammar and language use, especially in the context of legal matters. By improving our understanding of these concepts, we can communicate more effectively and avoid misunderstandings that can lead to costly legal battles.
Shawn Manaher is the founder and CEO of The Content Authority. He’s one part content manager, one part writing ninja organizer, and two parts leader of top content creators. You don’t even want to know what he calls pancakes.