A bequest is a financial term describing the act of giving assets such as stocks, bonds, jewelry, and cash, to individuals or organizations, through the provisions of a will or an estate plan. Bequests can be made to family members, friends, institutions, or charities.

What is an example of a bequest?

A specific bequest is a gift of a particular dollar amount or a particular piece of property. For example: “I bequeath [dollar amount or description of property] to the Friends of the Prescott Public Library, a nonprofit corporation whose address is 215 E. Goodwin St., Prescott, Arizona, 86303.”

What is the difference between a bequest and a will?

A bequest is considered a gift — someone bequeaths or gives an asset through a will — but not all gifts are bequests. You could, for example, give a gift to someone during your lifetime without using a will.