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jk that is nice
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LSDefine
Simple English definitions for legal terms
accumulative legacy
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A quick definition of accumulative legacy:
Accumulative Legacy: A type of gift that someone leaves behind in their will. It means that the person who is supposed to receive the gift has not yet received it. It is also called an additional legacy, which is like a second gift given to the same person in the same will.
A more thorough explanation:
An accumulative legacy is a type of gift given by a person in their will, usually of personal property or money. It is a legacy that has not yet been paid to the person who is supposed to receive it, also known as a accumulated legacy. An additional legacy is a second gift given to the same person in the same will or codicil, which is supplementary to the first gift and not a repeated expression of the same gift.
- John's will states that he wants to leave $10,000 to his daughter, Sarah, and an additional $5,000 to her if she graduates from college. The $5,000 is an accumulative legacy or an additional legacy.
- Another example of an accumulative legacy is when a person leaves a certain amount of money to a charity, but only if the charity meets a certain goal or condition.
These examples illustrate how an accumulative legacy is a gift that is not immediately given to the recipient, but rather is dependent on certain conditions being met or on the availability of funds.