Definition of "Legasy"

Kathy Thompson real estate agent
Kathy Thompson, Real Estate Agent Samson Properties

A gift by will of real property.

  1. Absolute legasy: An unconditional and immediate gift.
  2. Conditional legasy: The bequest of a gift depends on the occurrence of something happening. For example, the beneficiary will receive the gift upon becoming married.
  3. Contingent legasy: A legasy dependent upon the passage of time period such a person reaching the age of 21. A contingent legasy is tied to an event transpiring.
  4. Specific legasy: A specific bequest for a beneficiary. For example, a beneficiary is designated to receive a certain piece of land.

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