Legacy

Any gift or benefit of Will. If the gift it in the form of money it is labelled a Pecuniary Legacy, while items such as possessions or intellectual property are a Specific Legacy. A Demonstrative Legacy is where a monetary gift is given from a specific source, for instance a set amount of money from the sale of shares held upon death. A General legacy is the gift of an item that may or may not be held in the estate, for instance you could gift a Rolex watch even if you didn’t own one, and the monetary assets of the estate will be used to purchase one to give. In the case of freehold property the legacy is known as a Devise. Many people chose to give items that have particular association with the beneficiary to them in their Will. For instance a child who took a particular interest in fishing could be given a Specific Legacy of all your fishing kit.