Legacy

A gift or personal property in a will (to a legatee). A legacy may be: (1) specific (a gift of a specified thing e.g. "my gold wedding ring"); (2) demonstrative (a gift, in its nature general, directed to be satisfied or paid out of a specified fund or specified part of the testator`s property e.g "£1000 out of my deposit account with Barclays"); (3) general ( a bequest which does not identify specifically the thing bequethed e.g. "a horse to X and a gold watch to Y". The subject matter of a general legacy need not form part of the testator`s assets at the time of his death; (4) pecuniary (a sum of money but a annuity is also included); (5) residuary (i.e. the residue of a personal estate); (6) contingent (e.g. "to X on her entering university").