Legacy in United States

Legacy Definition

A gift by last will. The term is more commonly applied to money or personal property, although sometimes used with reference to a charge upon real estate. 2 Williams, Ex’rs, 947; 5 Term R. 716; 1 Burrows, 268; 7 Ves. 391, 522. Absolute Legacy. One given without condition, to vest immediately. 1 Vern. 254; 2 Vern. 181; 5 Ves. 461; 19 Ves. 86; Comyn, Dig. Chancery (I 4). Additional Legacy. One given to a legatee to whom a legacy has already been given. It may be either by an increase in a codicil of a prior legacy given in the will, or by another legacy added to that already given by the will. 6 Mod. 31; 2 Ves. Jr. 449; 3 Mer. 154. Alternative Lagacy. One by which the testator gives one of two or more things, without designating which. Conditional Legacy. A bequest whose existence depends upon the happening or not happening of some uncertain event, by which it is either to take place or be defeated. 1 Rop. Leg. (3d Ed.) 645. Demonstrative Legacy. A bequest of a certain sum of money with reference to a particular fund for payment. Williams, Ex’rs, 995. General Legacy. One so given as not to amount to a bequest of a particular thing or money of the testator, distinguished from all others of the same kind. 1 Rop. Leg. (3d Ed.) 170. Indefinite Legacy. A bequest of things which are not enumerated or ascertained as to numbers or quantities; as, a bequest by a testator of all his goods, all his stocks in the funds. Lowndes, Leg. 84; Swinb. Wills, 485; Ambl. 641; 1 P. Wms. 697. Lapsed Legacy. One which, in consequence of the death of the legatee before the testator, or before the period for vesting,’ has never vested. Legacy for Life. One In which the legatee is to enjoy the use of the legacy for life. Model Legacy. A bequest accompanied with directions as to the mode in which it should be applied for thfe legatee’s benefit; for example, a legacy to Titius to put him an apprentice. 2 Vern. 431; Lowndes, Leg. 151. -: Pecuniary Legacy. One of money. Pecuniary legacies are most usually general legacies, but there may be a specific pecuniary legacy; for example, of the money in a certain bag. 1 Rop. Leg. 150, note. Residuary Legacy. A bequest of all the testator’s personal estate not otherwise effectually disposed of by his will. Lowndes, Leg. 10; Bac. Abr. Legacies (I). Specific Legacy. A bequest of a specified part of the testator’s personal estate, distinguished from all others of the same kind. 3 Beav. Rolls, 349.

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A gift by last will. The term is more commonly applied to money or personal property, although sometimes used with reference to a charge upon real estate. 2 Williams, Ex’rs, 947; 5 Term R. 716; 1 Burrows, 268; 7 Ves. 391, 522. Absolute Legacy. One given without condition, to vest immediately. 1 Vern. 254; 2 Vern. 181; 5 Ves. 461; 19 Ves. 86; Comyn, Dig. Chancery (I 4). Additional Legacy. One given to a legatee to whom a legacy has already been given. It may be either by an increase in a codicil of a prior legacy given in the will, or by another legacy added to that already given by the will. 6 Mod. 31; 2 Ves. Jr. 449; 3 Mer. 154. Alternative Lagacy. One by which the testator gives one of two or more things, without designating which. Conditional Legacy. A bequest whose existence depends upon the happening or not happening of some uncertain event, by which it is either to take place or be defeated. 1 Rop. Leg. (3d Ed.) 645. Demonstrative Legacy. A bequest of a certain sum of money with reference to a particular fund for payment. Williams, Ex’rs, 995. General Legacy. One so given as not to amount to a bequest of a particular thing or money of the testator, distinguished from all others of the same kind. 1 Rop. Leg. (3d Ed.) 170. Indefinite Legacy. A bequest of things which are not enumerated or ascertained as to numbers or quantities; as, a bequest by a testator of all his goods, all his stocks in the funds. Lowndes, Leg. 84; Swinb. Wills, 485; Ambl. 641; 1 P. Wms. 697. Lapsed Legacy. One which, in consequence of the death of the legatee before the testator, or before the period for vesting,’ has never vested. Legacy for Life. One In which the legatee is to enjoy the use of the legacy for life. Model Legacy. A bequest accompanied with directions as to the mode in which it
should be applied for thfe legatee’s benefit; for example, a legacy to Titius to put him an apprentice. 2 Vern. 431; Lowndes, Leg. 151. -: Pecuniary Legacy. One of money. Pecuniary legacies are most usually general legacies, but there may be a specific pecuniary legacy; for example, of the money in a certain bag. 1 Rop. Leg. 150, note. Residuary Legacy. A bequest of all the testator’s personal estate not otherwise effectually disposed of by his will. Lowndes, Leg. 10; Bac. Abr. Legacies (I). Specific Legacy. A bequest of a specified part of the testator’s personal estate, distinguished from all others of the same kind. 3 Beav. Rolls, 349.

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Notice

This definition of Legacy Is based on the The Cyclopedic Law Dictionary . This definition needs to be proofread..

Practical Information

Note: Some of this information was last updated in 1982

A testamentary gift of personal property. Legacies (also known as bequests) are of three kinds: specific, general, demonstrative.

Specific Legacy

A specific legacy is a bequest of a particular part of a testator’s estate, desc
ribed so as to be distinguished from all other property in the estate. Examples of specific legacies are testamentary gifts of identified bank deposits, or clothing, jewelry and other personal effects. If the subject matter of the gift does not form part of testator’s estate at death, the legacy is lost; if it is in existence, the specific legatee has priority over other legatees and is assured of getting his or her share of the estate.

General Legacy

A general legacy is a bequest that cannot be traced to a specific source within the estate. Thus a testamentary gift of money, payable out of the testator’s general assets and not from a particular bankbook or account, is a general legacy. A general legatee will receive under a WILL only if the specific and demonstrative legatees (see below) have received the specific property designated for them. A general legatee has priority over a residuary legatee (see below).

Demonstrative Legacy

A demonstrative legacy is a bequest of a certain sum of money, stock, or the like, payable out of a particular fund or security. If the fund does not exist at testator’s death, the demonstrative legacy is paid from the general estate. Demonstrative legacies are entitled to the same preference as specific legacies so far as they may be satisfied out of the particular property or fund designated for their payment. However, if this property has disappeared from testator’s estate, demonstrative legacies then rank with general legacies for purposes of priority.

Residual Legacy

A residuary legacy is a bequest, general in nature, of all of testator’s estate not otherwise effectively disposed of; it is the remainder after other legacies are distributed.

(Revised by Ann De Vries)

What is Legacy?

For a meaning of it, read Legacy in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Legacy.

Basic Meaning of Legacy in Funeral Law

For information about Legacy, in this context, see the following legal term: bequest.

Legacy