Specific bequest
A gift in a will of a particular thing — a named account, a ring, a car — rather than a share of what is left.
What it means
A specific bequest identifies the item. A general gift names an amount without identifying the source. A residuary gift takes what remains.
Order matters when money is short: specific gifts are usually the last to be reduced and the residue is the first.
If the specific item no longer exists at death, the gift usually fails rather than being replaced by its value.
Why it matters
It is the part of a will people care about most and the part most likely to go wrong, because objects are sold, accounts are closed and cars are traded in.
It also affects everyone else: a large specific gift can leave very little residue.
When you are likely to meet it
- When reading a will.
- When the item named in a will has been sold or replaced.
- When there is not enough to satisfy everything the will says.
How this varies by state
Whether a specific gift is reduced before or after the residue, and what happens when the thing no longer exists, are state questions.