What is the Difference Between Legacy and Bequest?

The terms "legacy" and "bequest" are often used to discuss the last will of a person and refer to an amount of money or personal property left to someone in a will. However, there are some differences between the two:

• Bequest: A bequest is a gift of personal property other than land, such as an item of jewelry or a car. It is defined as a gift of personal property in a will, including money, jewelry, stocks, bonds, and shares. Bequests are usually considered to be different from gifts of real property, which are referred to as "devises".
• Legacy: A legacy is more widely used to cover all types of gifts, including property, personal items, and cash. Although sometimes considered to be a gift of money, legacy can also refer to any testamentary gift irrespective of whether they are real or personal property. Legacy can be a specific legacy, which refers to an actual specific object or a part of the estate of the testator.

There are different types of legacies, such as pecuniary legacies (a fixed sum left to specific individuals or charities) and specific legacies (when specific personal possessions are left to beneficiaries). In contrast, bequests can be in the form of physical objects like personal possessions, which can often be distributed earlier than cash gifts.

In summary, while both legacy and bequest refer to gifts left in a will, bequest is more specific to personal property other than land, whereas legacy is a broader term that can encompass all types of gifts, including real property and personal items.

Comparative Table: Legacy vs Bequest

The main difference between a legacy and a bequest is that a bequest refers to the gift of personal property made by a will, while a legacy refers to the gift of property, personal items, and cash in general, including those given away after death as an inheritance. Here is a table summarizing the differences between the two:

There are different types of legacies, such as pecuniary legacies (a fixed sum left to specific individuals or charities), specific legacies (gifts of specific personal possessions), and residual legacies (assets left after the payment of pecuniary and specific funeral expenses, inheritance tax, etc.). Bequests can be made to family members, friends, institutions, or charities.