A will can be considered to have a testamentary disposition of property if it leaves specific items, such as money and possessions.
Leaving property at one’s death, most often through a will. The person making the disposition retains ownership of the property until his or her death, at which time the property is transferred to the beneficiary.
What is a testamentary disposition law?
Dispositions are the distribution or transfer of property or money to someone. A testamentary disposition is when an heir is named in a last will and testament to be distributed assets. The normal context of a testamentary disposition refers to a gift under a Will. There are 3 main types of gifts, that take place in someones will. These gifts are many times referred to as legacies, which can be included in a Will.
Difference between a testamentary disposition and gift.
A testamentary disposition is another name for a gift. Gifts do not become effective until the death of the donor. The ownership of the gift is transferred to the donee only after the testator’s death. There are two terms used to refer testamentary gifts, a devise and a bequest.
Dispositions during life vs after death
A gift is different than a bequest because it is usually given during someones lifetime but a bequest is used in a testamentary document and dispositioned upon a decedents passing.
Dispositions of different types of assets
The terms bequest and devise both describe gifting in a Last Will And testamentary documents, but their meanings are different.A bequest often describes any type of gift given to a beneficiary after a person passes away, devise only applies when the gift is real property and not other forms of assets.For More information you can visit our guides: Probate Guides, Inheritance Guides, Inheriting Real Estate, Inheritance Funding Options« Back to Glossary Index