LEGACY

legacy (leg-<<schwa>>-see), n. A gift by will, esp. of personal property and often of money.

Cf. BEQUEST; DEVISE. [Cases: Wills  565. C.J.S. Wills §§ 1135–1136.]

absolute legacy.A legacy given without condition and intended to vest immediately. Cf.

vested legacy.

accumulated legacy.A legacy that has not yet been paid to a legatee. accumulative legacy.See additional legacy.

additional legacy.A second legacy given to a legatee in the same will (or in a codicil to the same will) that gave another legacy. • An additional legacy is supplementary to another and is not considered merely a repeated expression of the same gift. — Also termed accumulative legacy; cumulative legacy. [Cases: Wills  585. C.J.S. Wills §§ 1171–1175.]

alternate legacy.A legacy by which the testator allows the legatee to choose one of two or

more items.

conditional legacy.A legacy that will take effect or be defeated subject to the occurrence or

nonoccurrence of an event. [Cases: Wills  639–668. C.J.S. Wills §§ 1380–1424.]

contingent legacy.A legacy that depends on an uncertain event and thus has not vested. • An

example is a legacy given to one’s granddaughter “if she attains the age of 21.” [Cases: Wills 

628–638. C.J.S. Wills §§ 1320–1379, 1551.] cumulative legacy.See additional legacy.

demonstrative legacy (di-mon-str<<schwa>>-tiv). A legacy paid from a particular source if that source has enough money. • If it does not, the amount of the legacy not paid from that source is taken from the estate’s general assets. [Cases: Wills  755. C.J.S. Wills §§ 1664, 1667–1677,

1679–1683.]

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failed legacy.See lapsed legacy.

general legacy. 1. A gift of personal property that the testator intends to come from the estate’s general assets, payable in money or items indistinguishable from each other, such as shares of publicly traded stock. [Cases: Wills  756. C.J.S. Wills §§ 1663, 1667–1677, 1679–1683.] 2.Civil law. A testator’s gift of a fraction or proportion of the estate remaining after particular legacies have been satisfied. 3.Civil law. A testator’s gift of all, a fraction, or a proportion of one of certain categories of property, as specified by statute. See La. Civ. Code arts. 1586, 3506(28). — Also termed legacy under a general title. Cf. particular legacy; universal legacy.

lapsed legacy.A legacy to a legatee who dies either before the testator dies or before the legacy is payable. • It falls into the residual estate unless the jurisdiction has an antilapse statute. — Also termed failed legacy; failed gift. See ANTILAPSE STATUTE. [Cases: Wills  774–777.

C.J.S. Wills §§ 1791–1808.] legacy under a general title.See general legacy. legacy under a particular title.See particular legacy.

legacy under a universal title.Louisana law. A testamentary disposition of all immovable property, or all movable property, or a fixed proportion of all immovable property or of all movable property. La. Civ. Code art. 1612. Cf. general legacy; particular legacy; universal legacy. modal legacy (moh-d<<schwa>>l). A legacy accompanied by directions about the manner in

which it will be applied to the legatee’s benefit <a modal legacy for the purchase of a business>. particular legacy.Civil law. A testamentary gift that is not expressed as a fraction or proportion and is less than all the estate; any testamentary gift that does not meet the definition of a general legacy or a universal legacy. See La. Civ. Code arts. 1587, 3506(28). — Also termed legacy under a particular title. Cf. general legacy; universal legacy.

pecuniary legacy (pi-kyoo-nee-er-ee). A legacy of a sum of money. [Cases: Wills  567. C.J.S.

Wills § 1141.]

residuary legacy (ri-zij-oo-er-ee). A legacy of the estate remaining after the satisfaction of all claims and all specific, general, and demonstrative legacies. [Cases: Wills  586. C.J.S. Wills §§

1176–1179, 1184.] special legacy.See specific legacy.

specific legacy.A legacy of a specific or unique item of property, such as any real estate or a particular piece of furniture. — Also termed special legacy. [Cases: Wills  753, 754. C.J.S. Wills

§§ 1662, 1666–1677, 1679–1683.] substitutional legacy.A legacy that replaces a different legacy already given to a legatee.

trust legacy.A legacy of personal property to trustees to be held in trust, with the income usu.

paid to a specified beneficiary.

universal legacy.Louisiana law. A testamentary disposition of all property, movable and immovable, to one or more persons. La. Civ. Code art. 1585. Cf. general legacy; legacy under a universal title; particular legacy.

vested legacy.A legacy given in such a way that the legatee has a fixed, indefeasible right to its payment. • A legacy is said to be vested when the testator’s words making the bequest convey a transmissible interest, whether present or future, to the legatee. Thus, a legacy to be paid when the legatee reaches the age of 21 is a vested legacy because it is given unconditionally and absolutely. Although the legacy is vested, the legatee’s enjoyment of it is deferred. Cf. absolute legacy; contingent legacy. [Cases: Wills  628–638. C.J.S. Wills §§ 1320–1379, 1551.]

void legacy.A legacy that never had any legal existence. • The subject matter of such a legacy is treated as a part of the estate and passes under the residuary clause of a will or (in the absence of a residuary clause) under the rules for intestate succession. [Cases: Wills  849–872. C.J.S. Wills §§ 96, 1822–1840, 1974–1994.]

[Blacks Law 8th]