What is a testamentary gift?

A testamentary gift is a transfer of assets given through a will. This type of gift is typically made upon the death of the person who made the will, which is known as the testator. In New York, the law requires that a will be formally written down and witnessed or notarized. The testamentary gift can be in the form of money, real estate, personal property, or even a charitable donation. The testator can designate the beneficiaries of the gift in the will. The beneficiaries can be family, friends, or even charitable organizations. Each beneficiary may receive a specified amount or percentage, or the testator can leave the entire bequest to be divided among them. In New York, the will must be filed with the state and then passed through probate in order to be executed. The testamentary gift can be a great way to provide for loved ones after death. It is often used to provide financial security for family and friends, as well as providing a way to reward loyal employees or give back to a charitable organization. The testamentary gift is a powerful way to provide for those left behind.

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What is a testamentary gift?

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