bequest

But they must first deal with the legalities of their bequest.

“For most sales, the basis is the amount the taxpayer invested in the asset, adjusted for subsequent improvements, depreciation, and certain other items. For gifts and bequests, however, special basis rules apply.”

You can delineate these bequests in a will or in a trust, but either way, the designated administrator becomes responsible for distributing the items and can be held accountable if things go missing.

Receiving a bequest from your father will not change the many years you had growing up.

A promise or statement of intent is not the same as a bequest or beneficiary designation.