19:43
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LSDefine
Simple English definitions for legal terms
absolute legacy
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A quick definition of absolute legacy:
Absolute Legacy: A gift given through a will without any conditions, meant to be received immediately. It is different from a contingent legacy, which depends on an uncertain event and has not yet vested. Other types of legacies include conditional, cumulative, and demonstrative legacies. A legacy is a gift of personal property or money given through a will.
A more thorough explanation:
An absolute legacy is a type of legacy given without any conditions and intended to vest immediately. It is a gift by will, usually of personal property or money. This means that the legatee (the person receiving the legacy) has an immediate right to the gift and can use it as they wish.
- John's grandfather left him $10,000 in his will. This is an absolute legacy because there are no conditions attached to the gift and John can use the money as he wishes.
- Mary's aunt left her a diamond necklace in her will. This is also an absolute legacy because there are no conditions attached to the gift and Mary can wear the necklace or sell it if she chooses.
These examples illustrate how an absolute legacy is a straightforward gift that is given without any strings attached. The legatee has an immediate right to the gift and can use it as they see fit.