A pecuniary legacy refers to the bequest of money or personal property made to an individual through a will. It can be bestowed unconditionally or subject to specific circumstances. Pecuniary legacies can take various forms, including absolute, conditional, and contingent legacies. Additionally, a pecuniary legacy can be cumulative or additional, indicating that it is granted alongside another legacy.
A pecuniary legacy refers to a bequest of money or personal belongings specified in a will. It falls under the category of legacies, which are gifts outlined in a will. For instance, a pecuniary legacy can be seen when an individual designates $10,000 to their niece in their will. Another example is when someone leaves their car to their closest friend in their will. These instances demonstrate how a pecuniary legacy is a distinct type of gift made in a will. It involves the transfer of money or personal belongings and is intended to pass on the testator’s assets to their chosen beneficiaries.
A pecuniary legacy refers to a specific sum of money that is bequeathed to a beneficiary in a will or trust.
While a specific legacy refers to a particular item or property, a pecuniary legacy involves a specific amount of money.
Yes, like any other provision in a will, a pecuniary legacy can be contested if there are valid grounds, such as undue influence or lack of testamentary capacity.
Yes, the testator has the right to modify or revoke a pecuniary legacy at any time before their death, as long as they have the mental capacity to do so.
Yes, it is possible for a pecuniary legacy to be paid in installments, as specified in the will or trust document.
Yes, pecuniary legacies may be subject to inheritance or estate taxes, depending on the jurisdiction and the total value of the estate.
Yes, if the estate does not have sufficient liquid assets to cover the pecuniary legacy, it can be paid from the residuary estate, which includes any remaining assets after specific bequests and debts are settled.
If the pecuniary legacy exceeds the available funds in the estate, it may be subject to abatement, which means it could be reduced proportionally along with other legacies to ensure all debts and expenses are paid.
Yes, a testator can assign or transfer their pecuniary legacy to another person through a legal process known as assignment or novation.
Generally, pecuniary legacies have priority over creditors’ claims, meaning they are paid before any debts owed by the deceased. However, if the estate’s assets are insufficient to cover both the pecuniary legacy and the debts, the legatee may receive a reduced amount.
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: 16th April 2024.
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