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LSDefine

Simple English definitions for legal terms

modal legacy

Read a random definition: prendré

A quick definition of modal legacy:

Modal Legacy: A type of gift that someone leaves behind in their will, usually in the form of personal property or money. There are different types of modal legacies, such as absolute legacies that are given without any conditions, and conditional legacies that depend on something happening or not happening. A demonstrative legacy is a type of legacy that is paid from a specific source of money, but if there isn't enough money in that source, it can be taken from the person's general assets.

A more thorough explanation:

A modal legacy is a type of gift given through a will, usually in the form of personal property or money. It is similar to a bequest or devise, but with specific conditions attached to it.

  • Absolute Legacy: A legacy given without any conditions and intended to be received immediately.
  • Conditional Legacy: A legacy that will only take effect or be defeated based on the occurrence or non-occurrence of a specific event.
  • Contingent Legacy: A legacy that depends on an uncertain event and has not yet vested. For example, a legacy given to a grandchild "if they attain the age of 21."
  • Demonstrative Legacy: A legacy paid from a specific source, but if that source does not have enough money, the remaining amount is taken from the estate's general assets.
  • Additional Legacy: A second legacy given to a legatee in the same will or codicil as another legacy. It is supplementary and not considered a repeated expression of the same gift.
  • Alternate Legacy: A legacy that allows the legatee to choose one of two or more items.

For example, if a person's will states that their grandchild will receive $10,000 when they turn 25, this is a conditional legacy because it is dependent on the grandchild reaching that age. If the will states that the grandchild will receive $10,000 from the sale of a specific piece of property, this is a demonstrative legacy because it is paid from a specific source.

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14:45
notHim is a born WINNER
14:47
ya i basically have penn r
Trismegistus
14:48
how would you know
14:48
uh wdym. i didnt get penn A or penn WL
jackfrost11770
14:48
Check substatus, it's not an update. I didn't even notice it at first
14:48
Substatus?
14:48
i cant get into my penn rn so im just assuming
14:48
same @Eggan
cumsock
14:49
carole baskin sold all her land
14:49
If it says under committee review I’m still alive right
cumsock
14:49
for 20 million fuckin dollars
Trismegistus
14:49
that's what mine saying @sadpadresfan
14:50
ya im on the plane so it wont let me log into lsac for some readon
14:50
for another 2 hours
lilypadfrog
14:50
im out here in miamiiiii
14:50
Whoa someone got Penn WL but Harvard A earlier what the heck
Trismegistus
14:50
happens all the time
14:51
I stg every time I see you that Jorge Ben song starts playing in my head again
Trismegistus
14:51
LOL
jackfrost11770
14:53
Egg not necessarily, I didn't get an email. It just says waitlist in application status which is mad annoying lol. At least tell us what you want like a LOCI or anything
14:54
i cannot get into my portal
14:54
i will not know
14:54
delta have better wifi challenge
cumsock
14:55
i dont think william and mary is sending me that interview invite
cumsock
14:55
am i thAT shit
maybe theyre scared of cum
lilypadfrog
14:55
they don’t deserve you if they’re scared of cum
GodsPlanUltimately
14:55
Hello /ᐠ - ˕ -マ Ⳋ Hopefully it is warmer where everyone else is
@lilypadfrog: there is a reddit for that fear
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