legacy


legacy
/leg"euh see/, n., pl. legacies.
1. Law. a gift of property, esp. personal property, as money, by will; a bequest.
2. anything handed down from the past, as from an ancestor or predecessor: the legacy of ancient Rome.
3. an applicant to or student at a school that was attended by his or her parent.
4. Obs. the office, function, or commission of a legate.
adj.
5. of or pertaining to old or outdated computer hardware, software, or data that, while still functional, does not work well with up-to-date systems.
[1325-75; ME legacie office of a deputy or legate < ML legatia. See LEGATE, -ACY]
Syn. 1, 2. inheritance.

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law
also called  Bequest,  

      in law, generally a gift of property by will or testament. The term is used to denote the disposition of either personal or real property in the event of death.

      In Anglo-American law (common law), a legacy of an identified object, such as a particular piece of real estate, or a described object of personal property, is called a specific legacy. A general legacy, on the other hand, would involve such things as a sum of money or a number of objects identified generically, such as any 100 shares of common stock. If the total value of the estate is insufficient to satisfy all legacies, the specific legacies are satisfied first.

      A legacy is termed residuary if the beneficiary is to receive only what is left of the estate after the satisfaction of all specific and general legacies.

      In civil-law (civil law) countries (e.g., Germany, Japan) legacy and legatee have somewhat different meanings than in Anglo-American law. In Roman law, upon the death of a person, the totality of his legal rights and duties passed to a universal successor, the heir. If there was no valid testament, the heir was determined by the rules of intestate succession. An heir, however, could also be instituted by testament, and in his testament the testator could charge his heir with legacies—that is, duties to a third party, called a legatee, to whom the heir had to pay certain sums of money or give certain assets of the estate. This terminology is still used in the law of Germany and those countries with similar systems, such as Switzerland and Japan. In the French civil code and those countries that follow its pattern, however, the term heir is limited to the universal intestate successor. A person to whom a testator leaves his entire estate is called a légataire universel; when the estate is divided, the beneficiaries are called légataires à titre universel. A person who is to receive a fixed sum of money or a particular asset of the estate—i.e., a legacy—is called a légataire particulier.

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Universalium. 2010.

Synonyms:

Look at other dictionaries:

  • legacy — leg·a·cy / le gə sē/ n pl cies [Medieval Latin legatio, from Latin legare to bequeath]: a gift of property by will; specif: a gift of personal property by will: bequest see also ademption compare devise conjoint leg …   Law dictionary

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  • Legacy — Leg a*cy (l[e^]g [.a]*s[y^]), n.; pl. {Legacies} ( s[i^]z). [L. (assumed) legatia, for legatum, from legare to appoint by last will, to bequeath as a legacy, to depute: cf. OF. legat legacy. See {Legate}.] 1. A gift of property by will, esp. of… …   The Collaborative International Dictionary of English

  • Legacy — (englisch Erbe) bezeichnet: ein deutschsprachiges Musikmagazin, Legacy (Musikmagazin) in der Wirtschaftsinformatik eine historisch gewachsene Anwendung, siehe Legacy System Subaru Legacy, ein Mittelklasseauto einen amerikanischen Film aus dem… …   Deutsch Wikipedia

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  • Legacy —   [dt. »Vermächtnis«] die, ältere Datenbestände, die möglicherweise nicht mehr problemlos genutzt werden können, weil neue Programme, ein neues Betriebssystem oder ein neues Computersystem eingeführt wurden. Legacy wird auch generell als… …   Universal-Lexikon

  • legacy — late 14c., body of persons sent on a mission, from O.Fr. legatie legate s office, from M.L. legatia, from L. legatus ambassador, envoy, noun use of pp. of legare appoint by a last will, send as a legate (see LEGATE (Cf. legate)). Sense of… …   Etymology dictionary

  • legacy — [n] inheritance, heritage bequest, birthright, devise, endowment, estate, gift, heirloom, throwback, tradition; concepts 337,710 …   New thesaurus

  • legacy — ► NOUN (pl. legacies) 1) an amount of money or property left to someone in a will. 2) something handed down by a predecessor. ► ADJECTIVE ▪ (of computer hardware or software) that has been superseded but is difficult to replace because of its… …   English terms dictionary

  • legacy — [leg′ə sē] n. pl. legacies [ME legacie < OFr < ML legatia < L legatus: see LEGATE] 1. money or property left to someone by a will; bequest 2. anything handed down from, or as from, an ancestor ☆ 3. a student applying or admitted to a… …   English World dictionary

  • legacy — A disposition of personalty by will. A bequest. In a technical sense and strictly construed, legacy is a gift or bequest by will of personal property, whereas a devise is a testamentary disposition of real estate, but such distinction will not be …   Black's law dictionary


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