What is a testamentary gift?

A testamentary gift is a type of gift given through a will. In Indiana, a will must be in writing and must be signed by the testator (the person making the will) in the presence of two witnesses. The witnesses must then sign the will in the presence of the testator and each other. Once the will is written, the testator may include a testamentary gift, which includes specific instructions for a gift or bequest to a certain person or organization. Testamentary gifts can include money, property, or other items of value, such as jewelry. Such gifts are usually made in memory of a loved one or in order to benefit a charity. Testamentary gifts must be properly documented and witnessed in order for them to be legally binding. Once the testator passes away, the executor of the will is responsible for carrying out the instructions of the will, including fulfilling testamentary gifts.

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What is a testamentary gift?

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