Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Legacy
n. A gift by will, esp. of personal property and often of money. Cf. BEQUEST; DEVISE.
absolute legacy
A legacy given without condition and intended to vest immediately.
accumulated legacy
A legacy that has not yet been paid to a legatee.
accumulative legacy
1. Another legacy given to a legatee, but by a different will. 2. See additional legacy.
accumulative legacy.
See LEGACY.
additional legacy
Another legacy given to a legatee in the same will (or in a codicil to the same will) that gave the first legacy. -Also termed accumulative legacy.
additional legacy.
See LEGACY.
alternate legacy
A legacy by which the testator gives the legatee a choice of one of two or more items.
conditional legacy
See LEGACY
contingent legacy
A legacy that depends on an uncertain event and thus has not vested. ( An example is a legacy given to one's granddaughter "if or when she attains the age of 21."
demonstrative legacy
A legacy paid from a particular source if that source has enough money. ( If it does not, the amount of the legacy not paid from that source is taken from the estate's general assets.
extinguishment of legacy
See ADEMPTION
general legacy
See LEGACY.
lapsed legacy
A legacy to a legatee who dies either before the testator dies or before the legacy is payable. ( It falls into the residual estate unless the jurisdiction has an antilapse statute. See ANTILAPSE STATUTE.
legacy duty
1 A tax on a legacy, often with the provision that the rate increases as the relationship of the legatee becomes more remote from the testator. - Also termed collateral inheritance tax. 2. Hist. A tax imposed on personal property (other than a leasehold) passing by will or through intestacy.
legacy tax
See TAX.
modal legacy
A legacy accompanied by directions about the manner in which it will be applied to the legatee's benefit <a modal legacy for the purchase of a business>.
pecuniary legacy
A legacy of a sum of money.
residuary legacy
A legacy of the estate remaining after the satisfaction of all claims and all specific, general, and demonstrative legacies.
special legacy
See specific legacy under LEGACY.
specific legacy
A legacy of property that can be distinguished from the other property forming the testator's estate. - Also termed special legacy.
substitutional legacy
A legacy that replaces a different legacy already given to a legatee.
trust legacy
A legacy of personal property to trustees to be held in trust, with the income usu. paid to a specified beneficiary.
vested legacy
See LEGACY.
void legacy
A legacy that never had any legal existence. ( The subject matter of such a legacy is treated as a part of the estate and passes under the residuary clause of a will or (in the absence of a residuary clause) under the rules for intestate succession.