LEGACY (or. /cgact(, from Lat. leyntuni, bequest, from /egare. to bequeath, send on a com mission, from h,e. law . A gift of a chattel or sum of money made by the will of a deceased person. The term is synonymous with bequest. (See WILL.) Devise I q.v.) is the corresponding term in case of gifts by will or of real estate.
Legacies may he either spy ci fic or gen(ral. A specific legacy is a bequest of a specific thing, as a. particular horse, picture, piece of silver. or other article. A general legacy is a bequest payable out of the general assets of the estate of the deceased person. It may be a gift of money or it may be of property without in any manner .separating or distinguishing it frcm other property of like kind belonging to the testa tor. The important difference between efe two kinds of legacies is that if the subject-matter of the specific legacy fail. that is, if the picture 1w destroyed or disposed of by the testator during his lifetime. or if the horse die, the legacy lapses and the legatee takes nothing under his bequest. In the case of general legacies, as the legacy is not to be paid by or out of any particular prop erty. the legacy does not lapse so long as are any assets of the estate applicable to the payment of legacies. When, however, there are not sufficient assets in the estate (after paying the testator's debts, which must first be paid) to pay legacies. the specific legacies must be paid in preference to general legacies, which must abate, i.e.lbe reduced pro rata. The order of abatement may, however, be fixed by the terms of the A third class of legacies, which partakes of the character of both specific and general leg acies, consists of what are known as demonstra tire legacies. A demonstrative legacy is one which the testator directs to be given out of specific money or property or its proceeds, as, for example, a gift of a certain number of stocks and bonds out of a larger number, or of a chattel to be purchased out of the proceeds of a certain portion of the testator's estate. The demon strative legacy is like a specific legacy in that it is given out of a specific fund. and in that it does not abate with general legacies, but it is like a general legacy in that it does not generally abate with the loss of the particular fund or property out of which it is to lie paid. Legacies
may also be either absolute, that is. one which vests absolutely in the legatee on the testator's death without condition: or conditiount or con tingent, that is. one to which the legatee does not become entitled until the happening of S0111 e certain event after the testator's death. it is generally provided by statute that legacies are not payable until the expiration of one year after the testator's death, from which (late inter est is payable on the legacy if there are funds and it is not otherwise provided by the will.
If the legatee dies before the testator the leg acy in general lapses and will pass to the residu ary legatee, that is, the one to whom the will gives all personal property not otherwise dis posed of. If there is no residuary clause in the will, lapsed legacies pass under the statutes of distribution in force in the various jurisdic tions to the next of kin of the testator. In a few States it is provided by statute that legacies to a child of the testator in case of the child's death before the death of the testator, shall go to the child's issue. Legacies may also in effect lapse by ademption, i.e. some act of the testator during his lifetime by which he pays or satisfies the legacy in advance of his death. (See Aumteriox.) In general any legal person may be a legatee. Legacies to a married woman, however. upon payment. vest in her husband at common law, and a legacy to an infant is payable to his guardian for the infant's benefit. In many States there are various statutes lim iting the power of a testator to make bequests to corporations and to aliens, so that bequests to corporations. and also for charitable uses not authorized by the statute, are void. (See (•sEs and Tuusrs.) Formerly a bequest to the wit ness of a will rendered the will void. Now, under most statutes of wills the will is valid, but the bequest is void. In some States be quests to the testator's illegitimate children are 1, old. general such bequests are valid, but the word children, when used in a will, will be deemed to mean legitimate ehildren, if there are such, to the t.xelusinn of illegitimate. The more important rules as to the constrnetion of clauses giving bequests are discussed under Wm.. See also Awn NISTRATION. Consult the authorities referred to under WILL.