Legatee

A legatee is a person or entity that is designated to receive property (which could be money, personal property, or even real estate) as stated in a decedent’s will. The legatee’s inheritance is planned and documented in the last will and testament of the deceased, ensuring that the distribution of assets follows the testator’s wishes. Legatees are crucial players in estate planning and inheritance law.

Examples

Personal Bequest: John, in his will, states that his vintage car should go to his nephew, Alex. Alex is a legatee in this scenario, as he receives the car through John’s will.
Charitable Legatee: Anne leaves a portion of her estate to a non-profit organization she supported during her lifetime. The non-profit organization is considered a legatee.
Business Stake: When Martin leaves his shares in a family business to his daughter, she becomes the legatee of those shares.

Frequently Asked Questions

What is the difference between a legatee and an heir?

An heir is someone who is entitled to inherit from a deceased person under the laws of intestate succession, meaning when there is no will. A legatee is specifically named in a will, regardless of their relationship to the deceased.

Can a legatee be a minor?

Yes, a legatee can be a minor. However, the actual management of the inheritance may be overseen by a guardian or trustee until the minor reaches legal adulthood.

How is property transferred to a legatee?

Upon the death of the person who made the will, the executor of the estate is responsible for ensuring the property is distributed to the legatee according to the terms of the will, after settling any debts or obligations of the estate.

Can a legatee refuse inheritance?

Yes, a legatee has the right to disclaim or refuse an inheritance. They can do so by executing a legal document that formally declines the bequest.

What happens if a legatee predeceases the testator?

If the legatee dies before the testator (the person who made the will), the will may specify an alternative beneficiary. If no alternative is specified, the bequest may lapse and could be subject to residuary distribution clauses or the rules of intestate succession.

Devisee: One who receives real property through a will.
Executor: The person appointed by the will to administer the deceased’s estate.
Testator: The person who makes a will.
Intestate: Dying without having made a valid will.

Online References

Suggested Books for Further Studies

“Wills and Trusts Kit For Dummies” by Aaron Larson
“Estate Planning Basics”, 9th Edition by Denis Clifford
“The American Bar Association Guide to Wills and Estates” by the American Bar Association

Fundamentals of Legatee: Business Law Basics Quiz

### Who is a legatee? - [ ] A person who drafts a will. - [x] A person who receives property through a will. - [ ] A person who administers an estate with no will. - [ ] A minor under guardianship. > **Explanation:** A legatee is a person who receives property through the stipulations of a will. ### Can a legatee receive both personal and real property? - [x] Yes - [ ] No > **Explanation:** A legatee can receive any type of property stipulated in a will, including both personal and real property. ### What document specifies a legatee's inheritance? - [ ] A contract - [ ] A trust deed - [x] A will - [ ] An affidavit > **Explanation:** A legatee's inheritance is typically specified in a last will and testament. ### What term is used for a person who receives real property through a will? - [ ] Legatee - [x] Devisee - [ ] Executor - [ ] Administrator > **Explanation:** A person who receives real property through a will is known as a devisee. ### Can a legatee refuse their inheritance? - [x] Yes - [ ] No > **Explanation:** A legatee has the legal right to disclaim or refuse an inheritance. ### Who is responsible for ensuring a legatee receives their bequest? - [ ] The court - [x] The executor - [ ] The legal advisor - [ ] The testator > **Explanation:** The executor of the will is responsible for ensuring that the legatee receives their bequest in accordance with the will's terms. ### If a legatee predeceases the testator, what happens to the bequest? - [ ] It automatically goes to the state. - [x] It may be subject to alternative designees in the will or intestate succession. - [ ] The executor decides its disposition. - [ ] It cannot be altered. > **Explanation:** The bequest may be reassigned according to alternative provisions in the will or fall under intestate succession rules if no alternatives are designated. ### If no will exists, who inherits the property? - [ ] The legatee - [ ] The executor - [x] The heir under intestate succession laws - [ ] The closest friend > **Explanation:** In the absence of a valid will, property is inherited by heirs according to intestate succession laws. ### Can a minor be a legatee? - [x] Yes, but the inheritance is managed by a guardian or trustee. - [ ] No, only adults can be legatees. - [ ] Only if specifically appointed. - [ ] Only with court approval. > **Explanation:** Minors can be legatees, but the inheritance may need to be managed by a guardian or trustee until they reach legal adulthood. ### Who maintains legal control over a minor's inheritance given through a will? - [ ] The minor themselves - [ ] The executor - [x] A guardian or trustee - [ ] The testator’s legal counsel > **Explanation:** A guardian or trustee often manages a minor’s inheritance until the minor reaches legal adulthood.

Thank you for exploring the concept of legatees in the context of business law. Understanding these legal terms can greatly enhance your competence in estate planning and inheritance law!