20:55
MIAMI A
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
contingent legacy
Read a random definition: long-term security
A quick definition of contingent legacy:
A contingent legacy is a type of gift that is given through a will, but it depends on something uncertain happening before it can be given. For example, if someone leaves money to their granddaughter "if she attains the age of 21," the granddaughter will only receive the money if she reaches that age. If she doesn't, the money will go to someone else. This is different from an absolute legacy, which is given without any conditions and can be received immediately.
A more thorough explanation:
A contingent legacy is a type of gift given through a will, usually of personal property or money, that depends on an uncertain event and has not yet vested. This means that the gift will only be given if the event specified in the will occurs.
For example, a grandfather may leave a contingent legacy to his granddaughter "if she attains the age of 21." This means that the granddaughter will only receive the gift if she reaches the age of 21.
Contingent legacies are different from absolute legacies, which are given without any conditions and are intended to vest immediately. They are also different from conditional legacies, which will take effect or be defeated subject to the occurrence or nonoccurrence of a specific event.