Search results
Jan 10, 2022 · For beneficiaries of an estate, the terms ‘legacy’, ‘devise’ and ‘bequest’ used in legal documents can be confusing. Sharon Crosby, associate in the private client practice of Lodders Solicitors, explains what these terms mean and the differences between them.
- Specific Legacy
- General Legacy
- Demonstrative Legacy
The first type of gift we will examine is a specific legacy which is a gift of a particular item of property which can be distinguished in the will from any other property of the same kind, owned by the deceased. An example of this type of gift is shown below:- ‘I give to my son Richard my 1965 Telecaster mustard guitar.’ A legacy is not specified ...
A general legacy of property is one which is not distinguished in the will from property of a similar kind. An example of a general legacy is shown below:- ‘I give to Brian 100 shares in East Midlands Train Company’ If the testator does not own property answering the description at the date of death, the legacy is not adeemed and the executors of t...
A demonstrative legacy is by its nature a general legacy but there is a particular fund named from which this gift can be satisfied, as in the example below:- ‘I give to my son Richard free of all taxes Five thousand pounds payable from my Nationwide Current Account’ Demonstrative legacies can never adeem, this is due to fact that if a particular f...
Leaving a legacy in your will can take many forms, from financial support for loved ones to donations to causes you care deeply about. In this guide, our expert Wills, Trusts and Probate solicitors detail what a legacy is, how to leave one, and the pros and cons of legacies.
- General. [17] A general legacy is a gift of something which, if the testator leaves sufficient assets, must be raised by her executor out of her general personal estate.
- Specific. [18] A specific legacy is a gift of some particular thing or of some interest, legal or equitable, forming part of the testator’s estate. It must be identified by a sufficient description and separated in favour of the particular legatee from the general mass of the testator’s personal estate.
- Demonstrative. [25] A demonstrative legacy shares characteristics of both general and specific legacies. It is in the nature of a specific legacy in that it is a gift of a specified amount or quantity which is directed to be satisfied primarily out of a particular fund or asset.
Mar 31, 2021 · A legacy is a gift that you leave to someone in your Will. You will encounter the term legacy when you make a Will, and if you go through Probate.
Jun 6, 2023 · A demonstrative legacy is a gift of a general nature directed to be paid out of a particular fund. Examples of this could include 'I give to Blue Cross £1,000 from my Barclays account' or 'I give to the Salvation Army £250 from my 600 TUI plc ordinary shares'.
People also ask
What is the difference between a specific and a general legacy?
What are the different types of legacy & devises in a will?
What are the different types of legacy?
What are the three types of legacies in a will?
A gift of (A) ‘1000 ICI plc ordinary shares’ is a general legacy whereas a gift of (B) ‘my 1000 ICI shares’ or ‘all my ICI shares’ is a specific legacy.
