Definition - What does Specific Legacy mean?
A specific legacy is a particular item or items bestowed to someone through a will. There are virtually no limitations on what can be classified as a specific legacy, as long as it is distinguished from the rest of the estate in a meaningful way. However, there are some circumstances that may preclude the recipient from receiving the property.
Justipedia explains Specific Legacy
To be deemed a specific legacy, the property in question must be clearly described and distinguished from other items in the will. Examples include:
- Old coins in a marked container
- A specified animal or animals
- One or more pieces of engraved jewelry
- A specified amount of money from a larger pool
There are two main reasons why a specific legacy may not be gifted as planned. The first is if the person that created the will no longer owned the property when they died. The second is if the property no longer exists.