State and explain four types of legacies

• Demonstrative legacy:
This is a testamentary gift which is in its nature general but which manifests an intention that the gift shall be primarily satisfied out of a fund or a specified part of the property of the testor, but shall upon failure of that fund or property, be met from the general estate.

• General legacy:
This is a testamentary gift whether specific or general described in general terms to be provided out of the general estate of the testor whether or not also charged on any specific part of his estate.

• Pecuniary legacy:
Include an annuity in the general legacy, demonstrative legacy so far as it is not discharged out of the specified fund or property, and any other general direction the testator for the payment of money including all death duties free from which any gift made to take effect.

• Special legacy:
This is a testamentary gift of a particular part of the property of the testator. It identifies that part a sufficient description whether in specific or general terms, and manifests an intention that that part shall be enjoyed or taken in the state and condition indicated that description.



(Visited 105 times, 1 visits today)
Share this on:

Leave a Reply

Your email address will not be published. Required fields are marked *