Legal Definitions - absolute legacy

Absolute Legacy

An absolute legacy refers to a gift of personal property (such as money, jewelry, or stocks) made in a will that is given without any conditions, restrictions, or future requirements. The recipient receives full and unconditional ownership of the gifted item or sum once the will is probated and the estate is settled. This contrasts with a conditional legacy, which might require the beneficiary to meet certain criteria before receiving the gift.

Here are some examples:

• Example 1: Unconditional Cash Gift
  A will specifies, "I give the sum of $25,000 to my cousin, Elena Rodriguez."

  Explanation: This is an absolute legacy because Elena receives the $25,000 outright, with no conditions attached. She doesn't need to achieve a certain milestone, reach a specific age, or use the money for a particular purpose to receive it. Once the estate is settled, the money is hers to use as she pleases.

• Example 2: Specific Item Bequest
  A testator's will includes the provision, "I bequeath my vintage record player and my entire collection of vinyl albums to my nephew, Liam Chen."

  Explanation: Liam receives the record player and the vinyl collection without any stipulations. He doesn't have to maintain the collection, share it, or use it in a specific way. The ownership transfers to him completely and unconditionally upon the will's execution.

• Example 3: Gift of Securities
  A will states, "I leave all my shares in Tech Innovations Inc. to my long-time assistant, Maria Santos."

  Explanation: Maria receives full ownership of the specified shares of stock. There are no conditions that she must meet to gain ownership, such as remaining employed for a certain period or achieving a particular company performance. The shares become hers absolutely once the estate administration process is complete.