A general legacy refers to a gift that is paid from the overall assets of an estate. This type of legacy is typically a monetary amount or property that is not unique and can be easily replaced by similar items. For example, shares of stock can be considered a general legacy, as they are part of the collective assets of the estate and are interchangeable with other shares of the same kind.
General legacies are commonly used in estate planning and probate law. They are relevant in the context of wills and trusts, where a testator specifies how their assets should be distributed after their death. Individuals can manage their estate planning by using legal templates from US Legal Forms, which can help simplify the process of creating wills and understanding general legacies.
Here are a couple of examples of abatement:
Example 1: A testator specifies in their will that their children will each receive $10,000 from the estate. This amount is a general legacy, as it is paid from the collective assets of the estate.
Example 2: A testator leaves their collection of 100 shares of Company X stock to a friend. Since these shares are interchangeable with other shares of the same kind, this is also considered a general legacy.
Examples of state differences (not exhaustive):
| State | General Legacy Rules |
|---|---|
| California | General legacies are treated as debts of the estate and must be paid before specific legacies. |
| New York | General legacies can be satisfied from any available assets in the estate. |
| Texas | General legacies must be paid from the estate's general assets, similar to other states. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| General Legacy | A gift from the collective assets of the estate. | Not tied to specific items; interchangeable. |
| Specific Legacy | A gift of a specific item or property. | Identifiable and unique; not interchangeable. |
If you are creating a will or managing an estate, consider including general legacies to simplify asset distribution. You can explore US Legal Forms for templates that can guide you through the process. If your situation is complex, consulting a legal professional may be beneficial to ensure all aspects are handled correctly.
