Explore the legal terms and concepts related to Classification of Gifts. Click on any term below to learn more about its definition and applications.
WILLS#034
What is a specific legacy?
A specific legacy is a gift of a particular item of property distinct from all other objects in the...
WILLS#035
What is a general legacy?
A general legacy is a gift of general economic benefit—such as cash—payable out of the general asset...
WILLS#036
Is stock a general or specific legacy?
Whether stock is general or specific depends on the language used. In most cases, it is general unle...
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