Legacy

A legacy is a gift made by a Will, and the term is most often used for a gift of money to a beneficiary. A fixed sum of money is a pecuniary legacy, while a legacy of a specific identified asset overlaps with a specific gift. Legacies are paid before the residue is distributed.

Where an estate cannot meet all its gifts, legacies may be reduced proportionally (abated) after debts and expenses are paid. Example: Mei leaves a legacy of $10,000 to her local surf-lifesaving club and the rest of her estate to her children. A legacy to a charity is a common way Australians support a cause beyond their lifetime.