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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.
The exclusion from inheritance of a person who was an heir in a previous will, or would otherwise be expected to inherit, is termed "disinheritance". A person does not become an heir before the death of the deceased, since the exact identity of the persons entitled to inherit is determined only then.
Memoirs written as a way to pass down a personal legacy, rather than as a literary work of art or historical document, are emerging as a personal and family responsibility. [9] The Association of Personal Historians was a trade association for professionals who assisted individuals, families, and organizations in documenting their life stories ...
A specific devise, is a specific gift in a will to a specific person other than an amount of money. For example, if James's will states that he is leaving his $500,000 yacht to his brother Mike, the yacht would be a specific devise. A general devise, is a monetary gift to a specific person to be satisfied out of the overall estate. For example ...
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.
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.
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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