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legacy |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.01 sec. |
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legacy, bequest by will will, in law, document expressing the wishes of a person (known as a testator) concerning the disposition of her property after her death. If a person dies intestate, i.e. ..... Click the link for more information. of personal property property, rights to the enjoyment of things of economic value, whether the enjoyment is exclusive or shared, present or prospective. The rightful possession of such rights is called ownership. ..... Click the link for more information. , similar in many respects to a gift gift, in law, voluntary transfer of property from one person to another without any compensation for it and without any obligation of an agreement or contract. The one who gives is the donor; the one who receives the gift, the donee. ..... Click the link for more information. causa mortis. A legacy ordinarily is distinguished from a devise, which transfers real property by will. The person who receives a legacy is called a legatee. Legacies are of various types. A specific legacy bequeaths a designated object, e.g., a named painting. A general legacy is a sum of money to be paid out of any assets of the estate. The residuary legacy is all of the deceased's personal property otherwise undistributed. That which is handed down from a predecessor. In the computer field, it refers to the previous, major generation of hardware and/or software that continues to be used. See legacy application and legacy system. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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This is a legacy whose value the changes of time cannot affect. Well, but I am not the superintendent of his majesty's finances -- I have my purse -- surely I would do much for his majesty's welfare -- some legacy -- but I cannot disappoint my family. You have had a legacy left you of a hundred pounds. |
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legacy
