An accumulative legacy refers to a type of inheritance where a legatee receives a legacy in addition to any existing legacies, but from a different will. For instance, if one will bequeaths $500 to a religious charitable organization and another will later bequeaths $1,000 to a related organization, which is later amended to $500, this constitutes an accumulative legacy. It is also known as a cumulative legacy.
Accumulative legacies are primarily relevant in estate planning and probate law. They play a crucial role in determining how assets are distributed among beneficiaries. This term is often encountered in the context of wills and trusts, where multiple documents may outline different bequests. Users can manage their own estate planning effectively with the help of legal templates available through platforms like US Legal Forms, which provide ready-to-use documents drafted by attorneys.
Here are a couple of examples of abatement:
Example 1: A testator leaves $500 to a charity in their first will. In a subsequent will, they leave an additional $1,000 to a different branch of the same charity, which is later amended to $500. This is an accumulative legacy.
Example 2: A person may have two wills, one specifying a $300 bequest to a friend and another specifying a $700 bequest to the same friend, which is later reduced to $300. This also illustrates the concept of accumulative legacy.
| State | Notes |
|---|---|
| California | Allows for multiple wills to coexist, with clear intent required for accumulative legacies. |
| New York | Similar provisions as California, but requires careful documentation to avoid disputes. |
| Texas | Recognizes accumulative legacies but emphasizes the need for clarity in testamentary documents. |
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Legacy | A gift of property or money left to someone in a will. | An accumulative legacy is a specific type of legacy that involves multiple wills. |
| Cumulative legacy | Another term for accumulative legacy; refers to the same concept. | None; these terms are interchangeable. |
If you believe you are involved in a situation concerning an accumulative legacy, consider the following steps:
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An accumulative legacy is a legacy given in addition to existing legacies from different wills.