Legatee

Legatee

A recipient of all or part of a deceased person's estate. A legatee is more commonly known as a beneficiary or heir to the terms of a will. The term comes from the word "legacy", meaning inheritance. If a person dies without a will and has no living relatives, the assets will go to the state.

If a legatee does not want to accept an inheritance, he or she can formally disclaim the assets within nine months of the testator's death (unless the legatee is underage, which in that case they cannot disclaim until they reach the age of majority). The disclaimer is permanent and the assets will then pass to the contingent beneficiary. An heir might want to disclaim an inheritance if it would be burdensome to own (like an undesirable piece of real estate), or if the legatee didn't need the inheritance and felt it would be more helpful to the contingent beneficiary.


Investment dictionary. . 2012.

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Look at other dictionaries:

  • legatee — le·ga·tee /ˌle gə tē/ n: one to whom a legacy is bequeathed compare devisee, heir, next of kin, successor Merriam Webster’s Dictio …   Law dictionary

  • legatee — leg‧a‧tee [ˌlegəˈtiː] noun [countable] LAW someone who receives money or property from someone who has died: • Marjorie was his sole legatee (= the only one ) . * * * legatee UK US /ˌleɡəˈtiː/ noun [C] LAW …   Financial and business terms

  • Legatee — Leg a*tee (l[e^]g [.a]*t[=e] ), n. [See {Legacy}.] (Law) One to whom a legacy is bequeathed. [1913 Webster] …   The Collaborative International Dictionary of English

  • legatee — [leg΄ə tē′] n. [< L legatus, pp. of legare, to bequeath, appoint (see LEGATE) + EE1] one to whom a legacy is bequeathed …   English World dictionary

  • legatee — UK [ˌleɡəˈtiː] / US [ˌleɡəˈtɪ] noun [countable] Word forms legatee : singular legatee plural legatees legal someone who receives a legacy (= money or property from someone who has died) …   English dictionary

  • Legatee — A legatee, in the law of wills, is any individual or organization bequeathed any portion of a testator s estate. UsageDepending upon local custom, legatees may be called devisees. Traditionally, legatees took personal property under will and… …   Wikipedia

  • legatee — /legatiy/ The person to whom a legacy in a will is given. The term may be used to denominate those who take under will without any distinction between realty and personalty, Brooker v. Brooker, Tex. Civ.App., 76 S.W.2d 180,183; though commonly it …   Black's law dictionary

  • legatee — /legatiy/ The person to whom a legacy in a will is given. The term may be used to denominate those who take under will without any distinction between realty and personalty, Brooker v. Brooker, Tex. Civ.App., 76 S.W.2d 180,183; though commonly it …   Black's law dictionary

  • legatee — noun Date: circa 1688 one to whom a legacy is bequeathed or a devise is given …   New Collegiate Dictionary

  • legatee — /leg euh tee /, n. a person to whom a legacy is bequeathed. [1670 80; < L legat(us) (see LEGATE) + EE] * * * …   Universalium

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