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legacy legal definition
noun
A grant by will of personal property or of money.
alternate legacy
A legacy in which the recipient is given a choice among various
items.
contingent legacy
. A legacy that depends on an event that has not yet occurred.
demonstrative legacy
A legacy paid from a particular source if there are sufficient
funds.
general legacy
A legacy from the assets or proceeds of an estate, paid in cash
or in fungible personal property, such as stock.
residuary legacy
A bequest of all property not specifically mentioned in will.Â
specific
 legacy. A legacy
that consists of a piece of property that is clearly distinguishable and
separable from the remainder of the property that forms the estate of the
testator.
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