In the context of inheritance, what does a legacy specifically refer to?

A legacy specifically refers to a gift of money that is bequeathed to a beneficiary through a will. This term is often used in the context of estate planning and involves the transfer of a specified amount of money from the deceased person's estate to an individual named in their will. A legacy can also encompass the intent of the testator regarding how the financial assets should be managed or distributed after their passing. Understanding this definition is important in real estate and estate law, as it has implications for how estates are structured, particularly when monetary gifts are involved among heirs and beneficiaries.

In contrast, the transfer of land would more accurately fall under property conveyance and may not specifically be referred to as a legacy. Distribution of property generally encompasses both real and personal property, which could include not just money but also physical assets. Legal rights of the spouse pertain to the entitlements and claims a spouse may have upon the death of the other, often independent of specific monetary gifts or legacies outlined in a will. Therefore, recognizing that a legacy is uniquely tied to monetary gifts provides clarity in the context of inheritance.