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legacy


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N.

A gift of personal property effected by will (compare devise). A general legacy is a gift of property not identifiable with a specific asset or fund; for example, a simple legacy of “£1000 to A” or “all my shares to B”. A specific legacy is a particular identifiable object, for example a named painting. It is liable to ademption but is otherwise payable by the deceased's personal representatives in priority to general legacies. A demonstrative legacy is payable from a specified fund; for example, “£500 from the £1000 kept under my bed”. Such a legacy is not adeemed if the testator disposes of the fund during his lifetime and is payable in priority to general legacies. A pecuniary legacy is a gift of a cash sum and carries interest from one year after the testator's death. A residuary legacy is one that disposes of the whole of the testator's personal property after payment of debts and specific, demonstrative, and general legacies. A statutory legacy is a legacy provided for in the Administration of Estates Act 1925 on an intestacy.

A general legacy is a gift of property not identifiable with a specific asset or fund; for example, a simple legacy of “£1000 to A” or “all my shares to B”.

A specific legacy is a particular identifiable object, for example a named painting. It is liable to ademption but is otherwise payable by the deceased's personal representatives in priority to general legacies.

A demonstrative legacy is payable from a specified fund; for example, “£500 from the £1000 kept under my bed”. Such a legacy is not adeemed if the testator disposes of the fund during his lifetime and is payable in priority to general legacies.

A pecuniary legacy is a gift of a cash sum and carries interest from one year after the testator's death.

A residuary legacy is one that disposes of the whole of the testator's personal property after payment of debts and specific, demonstrative, and general legacies.

A statutory legacy is a legacy provided for in the Administration of Estates Act 1925 on an intestacy.

Subjects: Law.


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