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Testamentary disposition
A
testamentary
disposition
is any
gift
of any
property
by a
testator
under the terms of a
will
.
Types
Types of testamentary dispositions include:
Gift
, assets that have been
legally
transferred from one
person
to another
Legacy
, testamentary gift of
personal property
,
traditionally
of
money
but may be real or personal property
Life estate
, 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
