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legacy. n. a gift of personal property or money to a beneficiary (legatee) of a will. While technically, legacy does not include real property (which is a "devise"), legacy usually refers to any gift from the estate of one who has died. It is synonymous with the word "bequest."
- Legacy Driver
Define legacy driver. legacy driver synonyms, legacy driver...
- Legacy Data
1. A vested legacy is one;, by which a certain interest,...
- Legacy Card
legacy system An obsolete computer system centred around a...
- Legacy APP
legacy application An application that was written for an...
- Financial
In wills and estates, the gift of part of the estate to a...
- Wikipedia Encyclopedia
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- Legacy Cost
Legacy Cost Ongoing costs to a company that come from...
- Legacy Driver
legacy. n. a gift of personal property or money to a beneficiary (legatee) of a will. While technically legacy does not include real property (which is a "devise"), legacy usually refers to any gift from the estate of one who has died. It is synonymous with the word "bequest." Legal definitions serve as the cornerstone of legal interpretation ...
- Three Kinds of Legacy
- Interest Given in Legacies
- Rights Acquired by The Legatee
- Losing A Legacy
- Paying Out Legacies
Legacies are of different kinds - general, specific and residuary. General Legacy A legacy is general, when it is so given as not to amount to a bequest of a specific part of a testator's personal estate; as of a sum of money generally or out of the testator's personal estate or the like. A general legacy is relative to the testator's death; it is ...
As to the interest given, legacies may be considered as; absolute for life, or in remainder. A legacy is absolute when it is given without condition and is to vest immediately. A legacy for lifeis sometimes given with an executory limitation after the death of the tenant for life to another person; in this case, the tenant for life is entitled to t...
As to the right acquired by the legatee, legacies may be considered as vested and contingent. 1. A vested legacy is one by which a certain interest, either present or future in possession, passes to the legatee. 2. A contingent legacyis one which is so given to a person, that it is uncertain whether any interest will ever vest in him.
A legacy may be lost by abatement, ademption and lapse. When the legatee dies before the testator or before the condition upon which the legacy is given be performed or before the time at which it is directed to vest in interest have arrived, the legacy is lapsed or extinguished.
As to the payment of legacies, it is proper to consider out of what fund they are to be paid; at what time; and to whom. It is a general rule that the personal estate is the primary fund for the payment of legacies. When the real estate is merely charged with those demands, the personal assets are to be applied in the first place towards their liqu...
legacy. Legacy is a basically a testamentary gift of personal property from a deceased individual through a will. A legacy is secondary to the claims of the deceased individual’s creditors. Furthermore, a legacy could be simple, or also known as a specific legacy, in that it is directly referring an actual specific object or a part of the ...
legacy n. pl:-cies [Medieval Latin legatio, from Latin legare to bequeath]: a gift of property by will ;specif: a gift of personal property by will : bequest see also ademption compare devise conjoint legacyin the civil law of Louisiana: a legacy by a single disposition to more than one legatee or of indivisible property to more than one ...
The term legacy has different meanings, but in a legal sense, it is used to refer to a bequest in a will. Technically, legacy does not include real property (which is a "devise"), so legacy usually refers to a gift of personal property or money to a beneficiary (legatee) of a will. A residuary legacy is a bequest of all the testator's personal ...
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May 11, 2022 · In general, the term “legacy” refers to a gift of an asset, property either in a will or by testament. Legacy is often used to refer to the disposition of either personal assets or property in the event of death. In simple terms, when you give an asset or property after death, it is termed legacy (or gift).
