A specific legacy is a type of bequest in a will or trust. This is a gift of a particular item or money to a specific beneficiary rather than a general category of beneficiaries.
A specific legacy is a very specific type of bequest. Instead of bestowing a general benefit on a general group of people, such a bequest specifies what a particular beneficiary will receive, down to the smallest details. Some of the most common types of bequests are cash, real estate or possessions.
For example, a person could include a specific legacy in their will which states that their nephew should receive their vintage car upon their death. This would constitute a specific legacy and the nephew would be the named beneficiary of the bequest. Similarly, a person could leave a specific sum of money to a designated beneficiary with no strings attached.
Why Is a Specific Legacy Important?
A specific legacy is a powerful form of bequest, as it allows the deceased to specify which beneficiary receives what item, or how much money should be divided up amongst beneficiaries. It also gives the deceased control over how the inheritance is distributed, ensuring that their wishes are followed and that the inheritance is allocated to the beneficiaries in the way they intended.
As a legal concept, a specific legacy serves as a very practical means for a deceased person to ensure that their property is distributed as they originally intended, rather than being sold or ending up in the hands of another person or entity. This is especially important in cases where an inheritance could otherwise be subject to a great deal of litigation and dispute.
Conclusion
In summary, a specific legacy is an important type of bequest that allows a deceased person to give a particular item or sum of money to a specific beneficiary. This provides the deceased with greater control over the inheritance and how it is distributed, ensuring that their wishes are followed. While the concept of a specific legacy is fairly straightforward, it is important to consult a legal professional if you are considering including such a bequest in your will or trust.