What is a Legacy?

Legacy or also used as inheritance and this means that an object has been left through the help of a will. Generally there are three types of legacies: pecuniary legacy, specific legacy and residuary legacy. The pecuniary legacy means that and exact sum of money has been left by and individual to another person this might be a close friend or family member or to a charity organization. The specific legacy means that a specific object for example a car is left behind for a person. The residual legacy means that a person will gain the residue of a real-estate if all the conditions in the will have been met.