In other words, a legatee is a Beneficiary named in a will to Inherit personal property, such as money, jewelry, artwork, or other assets, as specified by the person who created the will, known as the Testator.
This is in contrast to a Devisee, who receives real property (land, buildings, real estate).
Key points about legatees include:
Gift Recipients: Legatees are recipients of specific gifts or bequests of personal property outlined in the will.
Distinct from Heirs: Legatees are distinct from Heirs, who are individuals entitled to inherit a share of the deceased person's estate according to laws of intestacy if there is no valid will. Legatees receive gifts that go beyond what they would Inherit as legal heirs.
Different Types of Gifts: Legacies can take various forms, such as monetary sums, specific items, real estate, or other personal property.
Designation in the Will: The will clearly designates the legatees, outlines the gifts they are receiving, and specifies any conditions or terms associated with the gifts.
Gift Priority: Legatees' rights to receive their gifts are typically prioritized over the distribution of the remaining assets after Debts have been settled.
Executor's Responsibility: The executor of the will is responsible for ensuring that the gifts specified for the legatees are distributed according to the terms of the will.
When creating a will, it's important to clearly identify legatees, the assets they will receive, and any conditions or terms associated with the transfer.
Therefore, when drafting a will, it's best to consult an Estate Attorney provide guidance that accurately represent the testator's intentions and adheres to legal requirements.