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LSDefine

Simple English definitions for legal terms

modal legacy

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A quick definition of modal legacy:

Modal Legacy: A type of gift that someone leaves behind in their will, usually in the form of personal property or money. There are different types of modal legacies, such as absolute legacies that are given without any conditions, and conditional legacies that depend on something happening or not happening. A demonstrative legacy is a type of legacy that is paid from a specific source of money, but if there isn't enough money in that source, it can be taken from the person's general assets.

A more thorough explanation:

A modal legacy is a type of gift given through a will, usually in the form of personal property or money. It is similar to a bequest or devise, but with specific conditions attached to it.

  • Absolute Legacy: A legacy given without any conditions and intended to be received immediately.
  • Conditional Legacy: A legacy that will only take effect or be defeated based on the occurrence or non-occurrence of a specific event.
  • Contingent Legacy: A legacy that depends on an uncertain event and has not yet vested. For example, a legacy given to a grandchild "if they attain the age of 21."
  • Demonstrative Legacy: A legacy paid from a specific source, but if that source does not have enough money, the remaining amount is taken from the estate's general assets.
  • Additional Legacy: A second legacy given to a legatee in the same will or codicil as another legacy. It is supplementary and not considered a repeated expression of the same gift.
  • Alternate Legacy: A legacy that allows the legatee to choose one of two or more items.

For example, if a person's will states that their grandchild will receive $10,000 when they turn 25, this is a conditional legacy because it is dependent on the grandchild reaching that age. If the will states that the grandchild will receive $10,000 from the sale of a specific piece of property, this is a demonstrative legacy because it is paid from a specific source.

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