Types of Legacy

There are three types of Legacy:

Will makers rarely appreciate that there are 3 types of legacies (Gifts In Wills) that can be left in a will: general, demonstrative and specific.

Three types of Legacies

There are three different types of Legacies and not many people bare this in mind, each legacy can be useful to yourself depending on your wishes and your situation.

Below you can see the details for the different types of legacies.

General

A general legacy is a gift of something which, if the testator leaves sufficient assets, must be raised by her executor out of her general personal estate. It is a legacy not of any particular thing, but of something which is to be provided out of the testator’s general estate.

Specific

A specific legacy is a gift of some particular thing or of some interest, legal or equitable, forming part of the testator’s estate. It must be identified by a sufficient description and separated in favour of the particular legatee from the general mass of the testator’s personal estate. In other words, a specific legacy is a gift of a severed or distinguished part of the testator’s property, thus showing an intention that the property shall pass to the legatee in specie

Demonstrative

A demonstrative legacy shares characteristics of both general and specific legacies. It is in the nature of a specific legacy in that it is a gift of a specified amount or quantity which is directed to be satisfied primarily out of a particular fund or asset. It is in the nature of a general legacy, in that it could be paid out of the general estate if the specified fund falls short.