Testamentary disposition
Encyclopedia
A testamentary disposition is any gift of any property
by a testator under the terms of a will
.
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
by a testator under the terms of a will
Will (law)
A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death...
.
Types
Types of testamentary dispositions include:- Gift (law)Gift (law)A gift, in the law of property, is the voluntary transfer of property from one person to another without full valuable consideration...
, assets that have been legally transferred from one person to another - LegacyWill (law)A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death...
, testamentary gift of personal property, traditionally of money but may be real or personal property - Life estateLife estateA life estate is a concept used in common law and statutory law to designate the ownership of land for the duration of a person's life. In legal terms it is an estate in real property that ends at death when there is a "reversion" to the original owner...
, a concept used in common and statutory law to designate the ownership of land for the duration of a person's life - Demonstrative legacy, a gift of a specific sum of money with a direction that is to be paid out of a particular fund