Specific Legacy
SPECIFIC LEGACY
A gift by will of designatedpersonal property.
A specific legacy is revoked if the testator—the maker of the will—no longer owned the property at the time of his or her death or the property no longer existed. In some jurisdictions, a court will continue a provision for a specific legacy as one for a demonstrative legacy if it is clear that the testator intended the heir to receive the gift in any event.
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Specific Yield , specific yield Gift , Gift
A voluntary transfer of property or of a property interest from one individual to another, made gratuitously to the recipient. The individual wh… Specific , spe·cif·ic / spəˈsifik/ • adj. 1. clearly defined or identified: increasing the electricity supply only until it met specific development needs. ∎ pr… Embezzlement , The fraudulent conversion of another's property by a person who is in a position of trust, such as an agent or employee.
Embezzlement is distinguishe… Property , Definitions of what constitutes property, as well as attitudes toward the ownership of property, vary with different cultures and different historica… Partition , Any division of real property orpersonal propertybetween co-owners, resulting in individual ownership of the interests of each.
The co-ownership of r…
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Specific Legacy