legacy

  

Definition

Gift of personal property through a will by the writer of the will (the 'testator') to an individual or organization (the 'legatee'). Legacies are generally classified as (1) Demonstrative: paid out of specific funds, or portioned out of a specific property. (2) General: not clearly identified, such as, "a house." (3) Pecuniary: specified sum of money or an annuity. (4) Residuary: what is left out of a personal estate. (5) Specific: clearly identified, such as, "My beach-house." See also inheritance.

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