What is a legacy in the context of a will?

In the context of a will, a legacy specifically refers to a gift or bequest of money or personal property made from the testator's estate to a designated beneficiary. This type of gift can be for a specified amount of money, such as $5,000, or a particular item like a piece of jewelry or a collection. By defining a legacy in this manner, it emphasizes the intent of the testator to provide for beneficiaries in a specific, defined manner.

The other options do not correctly define a legacy. A condition of the estate pertains to stipulations about how the estate is managed or distributed. The transfer of property generally refers to the broader act of transferring ownership, which can include various types of transactions beyond just legacies. A type of trust is a legal arrangement that holds property for the benefit of certain persons, which is distinctly different from a legacy, as trusts involve fiduciary relationships rather than specifying a direct gift.