A legatee is an individual designated in a will to inherit personal property or money upon the death of the testator. They may also be granted real property in the will. There are various types of legatees, including a general legatee who receives a specified sum of money from the estate, a residuary legatee who inherits the remaining assets after all other bequests have been fulfiled, and a specific legatee who is given a particular item or property. A universal legatee is a type of residuary legatee who inherits all remaining assets in the estate.
A legatee is an individual who is designated in a will to inherit personal property or a bequest, and can also refer to someone who is granted a devise of real property. For instance, John was identified as a legatee in his grandfather’s will and was given a monetary gift. Similarly, Susan was the designated legatee of her aunt’s antique collection. In contrast, David was the residuary legatee of his father’s estate and obtained the remaining assets after all debts and bequests were settled. These instances showcase how a legatee is someone who acquires property or assets through a will or bequest, with John receiving a sum of money, Susan obtaining a specific item, and David inheriting the remaining assets of his father’s estate.
A legatary refers to a person who receives a legacy or bequest in a will.
An executor is responsible for administering the estate and carrying out the instructions in the will, while a legatary is a beneficiary who receives a specific gift or bequest.
In general, a legatary cannot be removed from a will unless there are specific circumstances, such as if the legatary predeceases the testator or if the will is successfully contested in court.
If a legatary refuses to accept the bequest, it may pass to an alternate legatary named in the will or be distributed according to the residuary clause or intestacy laws.
Yes, a legatary can challenge the validity of a will if they believe it was executed under undue influence, fraud, or lack of testamentary capacity. However, they must have legal standing and provide sufficient evidence to support their claim.
Yes, a legatary can sell their bequest if they choose to do so. However, they may need to comply with certain legal requirements, such as obtaining court approval or notifying other beneficiaries.
Legatary assets may be subject to estate taxes depending on the applicable tax laws and the total value of the estate. It is advisable to consult with a tax professional to understand the specific tax implications.
In general, legataries are not personally liable for the deceased’s debts. However, if the estate’s assets are insufficient to cover the debts, the legataries may receive a reduced or no distribution.
Legataries can be changed after the will is executed through a codicil, which is a legal document that amends or supplements the original will. However, it is recommended to consult with an attorney to ensure the changes are properly executed.
Yes, a legatary can be a minor. However, their inheritance may be subject to certain restrictions or held in trust until they reach the age of majority, as determined by the applicable laws in the jurisdiction.
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.
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