Business / Debt / Legacy: Another term for bequest, that is, the making of a gift by will. In the main there are three main types of legacy. Pecuniary legacy: A gift of a fixed sum of money left for example to an individual or a charity. Specific legacy: A gift of a specific item (such as a set of books) left for example to a friend. Residuary legacy: A gift consisting of the residue of an estate after all other conditions of the will have been met, or part of such residue.
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