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Legacy – testamentary gift of personal property, traditionally of money. Note: historically, a legacy has referred to either a gift of real property or personal property. Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy. Probate – legal process of settling the estate of a deceased person.
In law, an "heir" (FEM: heiress) is a person who is entitled to receive a share of property from a decedent (a person who died), subject to the rules of inheritance in the jurisdiction where the decedent was a citizen, or where the decedent died or owned property at the time of death.
Also, in the case of legacies when the funds or assets out of which they are payable are not sufficient to pay them in full, the legacies abate in proportion, unless there is a priority given specially to any particular legacy. Annuities are also subject to the same rule as general legacies. [1] The order of abatement is usually: Intestate property
The estate of a deceased person is distributed by the executor by first paying the debts, then handing over the legacies and prelegacies, and finally giving the balance to the heir or heirs. A legacy is a disposition in a will, to a person termed the "legatee," of things which are described either specifically or generally.
Issue typically means a person's lineal descendants—all genetic descendants of a person, regardless of degree. [1] Issue is a narrower category than heirs, which includes spouses, and collaterals (siblings, cousins, aunts, and uncles). [2] This meaning of issue arises most often in wills and trusts. [3]
Dr. Phil shows a woman who had a traumatic childhood how her adoptive parents created positive and nurturing experiences to help her create a new legacy.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .
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