LEGACY, a gift of a chattel, money, or other personal property made through the will of a person deceased. Such bequests are either specific or general; a specific legacy as the name indicates is confined to the gift of a specific article, as a piece of plate, a painting, etc.; a general legacy is one which is paid out of the general assets of the estate. If the subject of the specific legacy fail, that is, if it goes out of the possession of the testator, the legacy becomes null, whereas a general legacy, which of its very nature is not to be paid out of any particular property or possession, does not lapse provided the general assets of the estate are sufficient to cover it. When the assets are insufficient, debts being first paid off, specific legacies take precedence over general, the latter being then reduced pro rata. A demonstrative legacy is a term given to a bequest which to some extent partakes of the character of the two preceding forms of bequest. It is one in
which the testator orders to be given the lega tee out of specific property or funds. Such is a bequest of a number of shares of stock out of 'a large number. In the case where the legatee dies before the testator the legacy lapses and is included in the share of the residuary legatee, or in case such a legatee is not named, passes to the testator's next of kin. Legacies may be satisfied by the testator previous to his death, in which case they are said to lapse by ademption. Legacies to a married woman are subject to the law governing the property of this class of persons, and legacies to a minor are payable to the guardian who holds such in trust for his ward. The testator's powers are in some States limited by statute. For these and for rules as to the interpretation of clauses giving bequests, the provisions in regard to illegitimate children, etc. (see WILL). Con sult the references there appended.