Specific Bequests

A specific bequest is used when the grantor of the trust wants to put aside an asset for a specific person(s). A specific bequest can range from tangible items such as jewelry, art work, or a rare collection of baseball cards, to personal property such as pets. Even the 1997 Ford Mustang that you’ve been restoring in your spare time for your grand-child can be set aside as a specific bequest! This is one of the many reasons people choose to create trusts because it gives them the ability to choose who they want to get their assets.
A few key differences between specific bequests in trust and wills include: trusts allow for the information to remain private, wills have to go through probate while a will can allow for a specific bequest to be “in trust”, a trust can provide better protection of the bequest to the beneficiary. A trust does not have to go through probate and it gives the grantor the ability to provide qualifications for a specific bequest. In the example given about the grand-child receiving the Mustang the grantor could set it up to where the grand-child at the age of 25 could drive the car but would not own it until the age of 30. Although specific bequests are not always used when creating trusts they are a great tool to allow for fun and creativity for the grantor.