General Legacy

General Legacy

A monetary gift, payable out of the collective assets of the estate of a testator—one who makes a will—and not from a designated source.

Unlike a specific legacy, a general legacy is not subject to Ademption, extinction that results when a testator revokes his or her intention to leave designated property to another either by altering the property or removing it from the estate.

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References in periodicals archive ?
A will can provide three types of legacies: a specific legacy, a general legacy, and a residual legacy.
A general legacy disposes of a certain amount or value of property.
If a specific or general legatee is not alive at the time of the testator's death, the specific or general legacy lapses and passes to the residual legatee.
Chapter 7: Ownership and transfer of property

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