In an Australian will, a specific gift (also called a specific bequest) is a particular item or asset that the Testator leaves to a named beneficiary. Unlike general gifts of money or shares, a specific gift is clearly identified and distinct from the rest of the estate (the residue).
Examples include:
– A piece of jewelry
– A family heirloom
– A specific sum of money from a particular bank account
– A car or real estate property
Specific gifts are used to ensure certain items or amounts go to the people the Testator wants, separately from the general distribution of the estate.