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Simple English definitions for legal terms
universal legacy
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A quick definition of universal legacy:
Universal Legacy: A gift that someone leaves behind after they die. It can be money or things that they owned. There are different types of legacies, like ones that are given right away and ones that are given later. Some legacies depend on certain things happening, like a person reaching a certain age. Others can be chosen by the person who receives it. Sometimes, a legacy can only be paid from a specific source of money, but if there isn't enough, it can come from other places too.
A more thorough explanation:
A universal legacy is a type of legacy that is given by a person through their will. It refers to the gift of all or a portion of the testator's estate to a person or group of people. This type of legacy is not limited to personal property or money, but can include any assets that the testator owns.
- John's will states that his entire estate will be left to his wife, Mary.
- Susan's will states that her estate will be divided equally among her three children.
In the first example, John has left a universal legacy to his wife, Mary, which means that she will inherit all of his assets. In the second example, Susan has left a universal legacy to her three children, which means that they will inherit an equal share of her estate.
Overall, a universal legacy is a way for a person to ensure that their assets are distributed according to their wishes after they pass away.