When it comes to estate planning, two words that are often used interchangeably are legacy and bequest. However, there are subtle differences between the two that are important to understand. In this article, we will dive into the meanings of these words and explore why it’s important to know the difference.
Let’s clarify which of the two words is the proper one to use. Both legacy and bequest can be used to refer to property or assets that are left behind after someone passes away. However, legacy is the broader term that encompasses not just material possessions, but also intangible things like values, beliefs, and memories. A bequest, on the other hand, specifically refers to a gift of property or assets in a will or trust.
So why does this distinction matter? Understanding the difference between legacy and bequest can help you be more intentional and thoughtful in your estate planning. By considering what kind of legacy you want to leave behind, you can make decisions about how to distribute your assets and how to communicate your values and beliefs to future generations.
In the rest of this article, we will explore some of the key considerations to keep in mind when thinking about your legacy and bequest. From the importance of having a will to the role of charitable giving, we will provide practical tips and insights to help you create a meaningful and impactful legacy.
Define Legacy
A legacy is a gift or inheritance, either physical or intangible, that is passed down from one generation to another. It is a way of leaving a lasting impact on the world and ensuring that one’s values and beliefs continue to be upheld long after they are gone.
A legacy can take many forms, from a family heirloom to a charitable foundation, and can be left to individuals, organizations, or causes that are important to the donor. The key difference between a legacy and a bequest is that a legacy is often focused on leaving a lasting impact beyond just financial or material assets.
Define Bequest
A bequest is a gift or inheritance that is left to someone in a will. It is often a specific sum of money or a particular item, such as a piece of jewelry or a painting. Unlike a legacy, a bequest is usually focused on the financial or material assets of the donor and is not necessarily intended to leave a lasting impact beyond the immediate recipient.
Bequests are a common way for individuals to provide for their loved ones after they are gone, and can also be used to support charitable causes or organizations. While a bequest can be a meaningful way to provide for those who are important to the donor, it is important to consider the potential tax implications and to ensure that the will is drafted in a way that accurately reflects the donor’s wishes.
How To Properly Use The Words In A Sentence
Using the correct terminology in your writing can make a significant difference in how your message is perceived. Understanding the proper usage of words such as “legacy” and “bequest” can help you communicate your ideas more effectively.
How To Use “Legacy” In A Sentence
The term “legacy” typically refers to something that is passed down from one generation to the next. In a sentence, it can be used to describe a person’s impact on the world, their accomplishments, or the values they leave behind. Here are a few examples:
- Her legacy as a civil rights activist will never be forgotten.
- The company’s legacy of innovation has set them apart from their competitors.
- He hopes to leave a legacy of kindness and generosity.
It’s important to note that “legacy” is often used in a positive context, but it can also be used to describe negative impacts or consequences that are passed down. For example:
- The legacy of colonialism continues to affect the country’s economy.
- The company’s legacy of environmental damage will take years to repair.
How To Use “Bequest” In A Sentence
The term “bequest” refers specifically to a gift or inheritance that is left to someone in a will. In a sentence, it can be used to describe the transfer of property or assets from one person to another. Here are a few examples:
- He left a bequest of $10,000 to his favorite charity.
- The family home was bequeathed to her youngest son.
- Her grandmother’s antique jewelry was a cherished bequest.
It’s important to note that “bequest” is a legal term, and is typically used in the context of wills and estates. It is not interchangeable with “legacy,” which has a broader meaning.
More Examples Of Legacy & Bequest Used In Sentences
In this section, we will explore more examples of how the terms legacy and bequest are used in sentences. Understanding how these terms are used in context can help us better understand the nuances of their meanings and how they can be applied in different situations.
Examples Of Using Legacy In A Sentence
- Her legacy as a pioneering scientist will live on for generations to come.
- The company’s legacy of innovation is what sets it apart from its competitors.
- He left behind a legacy of kindness and generosity that touched everyone he met.
- The artist’s legacy is a collection of stunning paintings that continue to inspire new generations of artists.
- As a writer, her legacy is one of powerful storytelling and a deep understanding of the human experience.
- His legacy is one of hard work and determination, and he inspired many others to follow in his footsteps.
- The legacy of slavery and discrimination continues to impact society today.
- She hoped to leave a legacy of environmental stewardship by advocating for sustainable practices in her community.
- His legacy as a civil rights leader is one that will be remembered for centuries.
- The legacy of the ancient civilization can still be seen in the ruins of their cities and temples.
Examples Of Using Bequest In A Sentence
- She made a bequest of her entire estate to the local animal shelter.
- The museum received a bequest of rare artifacts from a generous donor.
- He left a bequest in his will to establish a scholarship fund for underprivileged students.
- The family was surprised to learn of the bequest left to them by a distant relative.
- She made a bequest of her personal library to the local public school.
- His bequest of land to the city allowed for the creation of a beautiful public park.
- The charity was grateful for the bequest it received, which allowed it to continue its important work.
- He made a bequest to his church to support its outreach programs in the community.
- Her bequest of artwork to the museum was a significant addition to its collection.
- The bequest of his collection of rare books to the university was a testament to his lifelong love of learning.
Common Mistakes To Avoid
When it comes to estate planning, many people use the terms “legacy” and “bequest” interchangeably. However, these terms have distinct meanings, and using them incorrectly can lead to confusion and unintended consequences. Here are some common mistakes to avoid:
Mistake #1: Using “Legacy” And “Bequest” Interchangeably
While “legacy” and “bequest” are often used to refer to the same thing, they have different legal meanings. A legacy is a specific gift of personal property made in a will, while a bequest is a gift of real or personal property made in a will. Using these terms interchangeably can lead to confusion and may result in unintended consequences.
Mistake #2: Failing To Define Your Terms
When creating an estate plan, it’s important to clearly define your terms. For example, if you want to leave a specific piece of jewelry to your granddaughter, you should use the term “legacy” to describe that gift in your will. Failing to define your terms can lead to disputes among your heirs and may result in your wishes not being carried out as you intended.
Mistake #3: Assuming Your Heirs Know What You Mean
Even if you have defined your terms in your estate plan, it’s important to communicate your wishes to your heirs. Don’t assume that they will understand what you mean by “legacy” or “bequest.” Take the time to explain your wishes to them and answer any questions they may have.
Tips For Avoiding These Mistakes
To avoid these common mistakes, consider the following tips:
- Consult with an estate planning attorney to ensure that your wishes are clearly stated in your estate plan.
- Define your terms in your estate plan and communicate them clearly to your heirs.
- Review your estate plan regularly to ensure that it still reflects your wishes.
Context Matters
Choosing between legacy and bequest depends on the context in which they are used. Both terms are related to leaving something behind after you pass away, but they have different connotations. Understanding the context in which each term is used is crucial to understanding their differences.
Legacy
Legacy refers to something that is handed down from one generation to the next. It is often associated with something that has a lasting impact and is remembered for a long time. Legacy can be used in different contexts, such as:
- Family legacy: This refers to the values, traditions, and beliefs that are passed down from one generation to the next within a family. It can include things like family heirlooms, stories, and memories.
- Business legacy: This refers to the impact that a business has on its industry, customers, and employees. It can include things like innovations, philanthropic efforts, and a positive company culture.
- Cultural legacy: This refers to the impact that a person or group has on a particular culture. It can include things like art, music, literature, and historical events.
Choosing to leave a legacy is often a conscious decision, and it requires careful planning and consideration. It is about creating something that will endure beyond your lifetime and have a positive impact on future generations.
Bequest
Bequest, on the other hand, refers to something that is left to someone in a will. It is often associated with a specific item or amount of money. Bequest can be used in different contexts, such as:
- Charitable bequest: This refers to leaving a donation to a charitable organization in a will. It can be a specific amount of money or a percentage of the estate.
- Personal bequest: This refers to leaving a specific item or amount of money to a loved one in a will. It can include things like jewelry, artwork, or a sum of money.
- Real estate bequest: This refers to leaving property to someone in a will. It can include things like a house, land, or commercial property.
Choosing to make a bequest is often a practical decision, and it is usually done to ensure that specific people or organizations receive something after you pass away.
In conclusion, the choice between legacy and bequest depends on the context in which they are used. Understanding the differences between the two terms can help you make informed decisions about how you want to leave something behind after you pass away.
Exceptions To The Rules
While the terms legacy and bequest are often used interchangeably, there are some exceptions where the rules for using them might not apply. In this section, we will identify these exceptions and offer explanations and examples for each case.
1. Legal Restrictions
In some cases, legal restrictions may prevent a person from leaving a legacy or bequest to a certain individual or organization. For example, if a person owes a debt to a creditor, that creditor may have the right to claim a portion of the person’s estate before any bequests are made. Additionally, some countries have laws that prevent individuals from disinheriting their spouses or children.
2. Charitable Giving
While legacy and bequest are often associated with charitable giving, there are some exceptions to this rule. For example, if a charity ceases to exist before the bequest is made, the bequest may fail. Additionally, if a person specifies a particular purpose for their bequest (such as funding a specific research project), and that purpose is no longer relevant or possible at the time of the bequest, the bequest may not be honored.
3. Family Dynamics
Family dynamics can also play a role in the use of legacy and bequest. In some cases, a person may wish to leave a larger bequest to one child than to another, which can create tension and conflict within the family. Additionally, if a person remarries and has children with their new spouse, they may need to revise their estate plan to ensure that all of their children are provided for.
4. Tax Implications
Finally, tax implications can also impact the use of legacy and bequest. In some cases, a person may wish to leave a bequest to a charity or other organization in order to reduce their estate tax liability. However, the tax implications of legacy and bequest can be complex and may vary depending on the individual’s circumstances.
It is important to consult with a qualified estate planning attorney or financial advisor to determine the best approach for your individual situation.
Practice Exercises
Now that we have explored the differences between legacy and bequest, it’s time to put our knowledge into practice. Here are some exercises to help you improve your understanding and use of these terms in sentences:
Exercise 1: Fill In The Blank
Choose the correct word (legacy or bequest) to complete each sentence:
- My grandmother left a ________ to the local animal shelter in her will.
- John’s ________ to the university will fund a scholarship for low-income students.
- She hopes to leave a ________ of kindness and generosity for her children to remember her by.
- The billionaire’s ________ to the art museum included a collection of rare paintings.
- Her ________ to the hospital will help fund cancer research.
Answer Key:
- bequest
- legacy
- legacy
- bequest
- bequest
Exercise 2: Sentence Writing
Write a sentence using either legacy or bequest:
Answer Key:
- My father’s legacy is his commitment to social justice.
- The bequest from the wealthy philanthropist will support the construction of a new community center.
- She hopes to leave a legacy of environmental stewardship for future generations.
- The bequest to the library will allow for the purchase of new books and resources.
- His legacy as a pioneering scientist has inspired countless others to pursue their passions.
By completing these exercises, you can improve your understanding and usage of legacy and bequest in your writing and conversations.
Conclusion
After exploring the differences between legacy and bequest, it is clear that these terms have distinct meanings when it comes to inheritance and leaving a lasting impact. A legacy is something that is passed down from one generation to another, whether it be material possessions or a reputation. On the other hand, a bequest is a gift that is given through a will or trust.
It is important to understand the difference between these two terms, as they can have different legal implications and emotional significance. While a bequest may be a part of someone’s legacy, it is not the same as leaving a lasting impact on the world.
As we continue to learn about grammar and language use, it is important to also consider the impact of our words and actions. Whether it is through our writing or our daily interactions, we all have the ability to leave a legacy that will be remembered for years to come.
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.