Cumulative legacy refers to a form of bequest wherein multiple gifts are bestowed upon the same individual in a single will. It should be noted that this is distinct from merely duplicating a single gift. To illustrate, if an individual leaves their friend $100 and also bequeaths their car to them, this would constitute a cumulative legacy. Consequently, the friend would receive both gifts, rather than having to choose between them.
A cumulative legacy, also known as an additional legacy, is a type of legacy given in a will that supplements an existing legacy. It involves giving a second gift to a legatee in the same will or codicil that already provided another legacy. Unlike a repeated expression of the same gift, a cumulative legacy is considered a separate and supplementary gift. For instance, if a grandfather initially leaves $10,000 to his grandson in his will and later decides to add an extra $5,000 to the same grandson in a codicil, this $5,000 would be considered a cumulative legacy or an additional legacy. This example demonstrates how a cumulative legacy functions as a second gift within the same will or codicil, rather than a repetition of the initial gift.
A cumulative legacy is a type of bequest in a will where the beneficiary receives a share of the estate only after a certain condition is met, such as reaching a certain age or getting married.
A regular legacy is a straightforward gift of a specific amount or asset to a beneficiary, while a cumulative legacy is contingent on the beneficiary meeting certain conditions before they can receive their share of the estate.
Yes, you can include a cumulative legacy in your will to ensure that your assets are distributed according to your wishes and that beneficiaries meet certain conditions before receiving their share of the estate.
Common conditions for a cumulative legacy include reaching a certain age, completing a specific milestone (such as graduating from college), or getting married.
Beneficiaries can challenge a cumulative legacy if they believe the conditions are unreasonable or if they feel they have been unfairly excluded from the estate.
Yes, a cumulative legacy can be changed after the will is written through a codicil or by creating a new will that revokes the previous one.
If the conditions for a cumulative legacy are not met, the share of the estate designated for that beneficiary may be distributed to other beneficiaries or according to the residuary clause in the will.
A cumulative legacy can be contested in court if there are disputes over the conditions or if beneficiaries believe the terms are unfair or invalid.
There may be tax implications for a cumulative legacy, so it’s important to consult with a tax advisor or estate planning attorney to understand the potential tax consequences.
To ensure that a cumulative legacy is properly executed, it’s important to work with an experienced estate planning attorney who can draft the necessary legal documents and ensure that the conditions are clearly outlined and enforceable.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/cumulative-legacy/
- Modern Language Association (MLA):Cumulative Legacy. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/cumulative-legacy/.
- Chicago Manual of Style (CMS):Cumulative Legacy. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/cumulative-legacy/ (accessed: May 09 2024).
- American Psychological Association (APA):Cumulative Legacy. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/cumulative-legacy/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts