Specific Gift

A specific gift leaves a clearly identified asset to a named beneficiary — for example "my engagement ring" or "my shares in BHP". It differs from a pecuniary legacy (a fixed sum of money) and from the residue (whatever is left over). Specific gifts are satisfied first, before the residuary estate is divided.

Because a specific gift attaches to a particular item, it fails if that item is no longer owned at death. Example: "I give my 1968 Holden Monaro to my grandson, Jack." If the testator sells the Monaro before dying, the gift is adeemed — see ademption — so specific gifts of changeable assets should be reviewed whenever circumstances change. See also bequest and devise.