Step 1: Locate the term in succession law.
"Bequeath" is a term used in the law of testamentary succession - that is, the law relating to wills and inheritance.
Step 2: Know the precise meaning.
To bequeath means to give or leave property (especially personal property) to another person through a will (testament), which takes effect after the death of the testator.
Step 3: Eliminate wrong options.
Options (1) and (4) involve selling or auction, which is unrelated. Option (2) mentions a concessional rate, which is also incorrect.
\[ \boxed{\text{to give property to someone through will after death}} \]