A bequest is a gift made by will, whereby the testator (the person who draws up the will) bequeaths one or more specific assets, or even their entire estate, to one or more persons whom they designate. The beneficiary of a bequest is called a legatee. There are three types of bequest:
It implies that the author of the will bequeaths all of their assets. This allows the legatee to receive all of the deceased’s assets, after deduction of the minimum share of the compulsory heirs. In the event that several persons are designated as legatees, they will be beneficiaries of equal shares of the testator’s estate. They will also be required to pay debts and charges in proportion to their share.
In the case of a universal legacy, the testator bequeaths only part of their assets or only one category of assets: all their movable property, their immovable property, etc. As a result, following the application of the rights of the compulsory heirs, the universal legatee(s) receive a share of the estate or of a certain category of assets. As with a universal legacy, universal legatees who accept the legacy must pay the debts and expenses of the estate in proportion to their share.
In a specific bequest, the testator bequeaths one or more specific items, such as a painting, movable property, a share portfolio, a house, jewellery, etc. Naturally, this bequest is always subject to the rights of the compulsory heirs. The specific legatee is not liable for the payment of the deceased’s debts.
To designate the L.I.A. as the beneficiary of all or part of your estate, you must draw up a will.
There are several types of wills, including a notarised will (drawn up by a solicitor) and a holographic will (written by the testator). This is the most common type of will, as you can write it yourself. A holographic will must meet certain conditions. It must be:
Furthermore :
To draw up and store your will securely, the League advises you to seek advice from your solicitor.
The League is willing to help and advise you if you wish to designate it as your beneficiary. Please do not hesitate to contact our legal department, which will advise you on how to take the first steps with your solicitor.
When you bequeath assets in your will, you remain in control of your assets until your death. You can always amend, replace or cancel your will. You are therefore not directly impoverished. You are simply making arrangements that will only take effect upon your death.