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FAMILY LAW
Name : Dilipkumar Mishra
FY-LLB – SEM - II
PRITI ACADMEY LAW COLLEGE
MHARALKALYAN
LEGACY
Definition of Legacy
A gift of money or of personal property, title to which is passed under
the terms of a will.
Legal Consequences
A bequest or gift of goods or chattels by testament. This word, though properly
applicable to bequests of personal estate only, has nevertheless been extended to
property not technically within its import, in order to effectuate the intention of the
testator, so as to include real property and annuities. Devise is the term more
properly applied to gifts of real estate.
Kinds of Legacy
Legacy
General Specific Residuary
General Legacy
A legacy is general, when it is so given as not to amount to a bequest of
a specific part of a testator's personal estate; as of a sum of money
generally or out of the testator's personal estate or the like.
Specific Legacy
A specific legacy is a bequest of a particular thing or money specified
and distinguished from all other things of the same kind; e.g., of a
particular horse, a particular piece of plate, a particular term of years
and the like, which would vest immediately with the assent of the
executor.
Residuary Legacy
A residuary legacy is a bequest of all the testator's personal estate, not
otherwise effectually disposed of by his will.
Rights Acquired by Legatee
A vested legacy is one by which a certain interest, either present or
future in possession, passes to the legatee.
A contingent legacy is one which is so given to a person, that it is
uncertain whether any interest will ever vest in him.
Losing a Legacy
A legacy may be lost by abatement, ademption and lapse. When the legatee
dies before the testator or before the condition upon which the legacy is given be
performed or before the time at which it is directed to vest in interest have arrived,
the legacy is lapsed or extinguished.
Paying Out Legacies
As to the payment of legacies, it is proper to consider out of what fund they are to
be paid; at what time; and to whom. It is a general rule that the personal estate is
the primary fund for the payment of legacies. When the real estate is merely
charged with those demands, the personal assets are to be applied in the first
place towards their liquidation.
Ademption of Legacy
Ademption is a legal principle that occurs when property specifically devised or
bequeathed under a will is no longer in the testator's estate at the time of their
death. In simpler terms, ademption happens when the property mentioned in a will
is not available or does not exist anymore when the testator passes away.
Types of Ademption
By Extinction By Satisfaction
When Ademption Takes Place
• Conversion of Specific
legacy into General
legacy.
• Section 158 deals with Ademption
of legacy by extinction.
• Section 159 “When stock exists
only in part at the Testator’s death,
the legacy is adeemed partly.”
• If the Testator, instead of
entire amount of property
has received only a part,
the legacy is adeemed to
that extent
• When the given gift was to
be received by the legatee
from a third party, and that
gift was received by the
Testator himself during his
lifetime, legacy is adeemed. Sec
154
Sec
155
Sec
162
Sec 158
& 159
Requisite of Ademption
1. The testator must have made a specific bequest in their will.
2. The property or asset being bequeathed must no longer be in the estate at
the time of the testator's death.
3. The beneficiary must not receive any other property or asset in place of the
bequest.
Case Laws
In case of S.Gopalaratnam v. Authorised Officer, Tanjavur (AIR 1971 Madras 400).
the court held that an agreement for sale is sufficient to constitute ademption.
Reliance was placed on a passage from Law of Succession by P.M. Bakshi 1997
Edn, where the question as to where ademption occures was considered. It is seen
mentioned as follows:
"specific bequest is adeemed by sale or contract for same of the subject
matter by the testator.
FAMILY    LAW - Legacy Semester II .pptx

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FAMILY LAW - Legacy Semester II .pptx

  • 1. FAMILY LAW Name : Dilipkumar Mishra FY-LLB – SEM - II PRITI ACADMEY LAW COLLEGE MHARALKALYAN LEGACY
  • 2. Definition of Legacy A gift of money or of personal property, title to which is passed under the terms of a will. Legal Consequences A bequest or gift of goods or chattels by testament. This word, though properly applicable to bequests of personal estate only, has nevertheless been extended to property not technically within its import, in order to effectuate the intention of the testator, so as to include real property and annuities. Devise is the term more properly applied to gifts of real estate.
  • 3. Kinds of Legacy Legacy General Specific Residuary
  • 4. General Legacy A legacy is general, when it is so given as not to amount to a bequest of a specific part of a testator's personal estate; as of a sum of money generally or out of the testator's personal estate or the like. Specific Legacy A specific legacy is a bequest of a particular thing or money specified and distinguished from all other things of the same kind; e.g., of a particular horse, a particular piece of plate, a particular term of years and the like, which would vest immediately with the assent of the executor.
  • 5. Residuary Legacy A residuary legacy is a bequest of all the testator's personal estate, not otherwise effectually disposed of by his will. Rights Acquired by Legatee A vested legacy is one by which a certain interest, either present or future in possession, passes to the legatee. A contingent legacy is one which is so given to a person, that it is uncertain whether any interest will ever vest in him.
  • 6. Losing a Legacy A legacy may be lost by abatement, ademption and lapse. When the legatee dies before the testator or before the condition upon which the legacy is given be performed or before the time at which it is directed to vest in interest have arrived, the legacy is lapsed or extinguished. Paying Out Legacies As to the payment of legacies, it is proper to consider out of what fund they are to be paid; at what time; and to whom. It is a general rule that the personal estate is the primary fund for the payment of legacies. When the real estate is merely charged with those demands, the personal assets are to be applied in the first place towards their liquidation.
  • 7. Ademption of Legacy Ademption is a legal principle that occurs when property specifically devised or bequeathed under a will is no longer in the testator's estate at the time of their death. In simpler terms, ademption happens when the property mentioned in a will is not available or does not exist anymore when the testator passes away. Types of Ademption By Extinction By Satisfaction
  • 8. When Ademption Takes Place • Conversion of Specific legacy into General legacy. • Section 158 deals with Ademption of legacy by extinction. • Section 159 “When stock exists only in part at the Testator’s death, the legacy is adeemed partly.” • If the Testator, instead of entire amount of property has received only a part, the legacy is adeemed to that extent • When the given gift was to be received by the legatee from a third party, and that gift was received by the Testator himself during his lifetime, legacy is adeemed. Sec 154 Sec 155 Sec 162 Sec 158 & 159
  • 9. Requisite of Ademption 1. The testator must have made a specific bequest in their will. 2. The property or asset being bequeathed must no longer be in the estate at the time of the testator's death. 3. The beneficiary must not receive any other property or asset in place of the bequest.
  • 10. Case Laws In case of S.Gopalaratnam v. Authorised Officer, Tanjavur (AIR 1971 Madras 400). the court held that an agreement for sale is sufficient to constitute ademption. Reliance was placed on a passage from Law of Succession by P.M. Bakshi 1997 Edn, where the question as to where ademption occures was considered. It is seen mentioned as follows: "specific bequest is adeemed by sale or contract for same of the subject matter by the testator.