Legasy

Definition of "Legasy"

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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