Changes in Beneciary

Question 1

Specific Devise or Legacy

Answer 1

A specific devise or legacy is a gift of a particular item of property
distinct from all other objects in the testator’s estate.

Question 2

General Legacy

Answer 2

A general legacy is a gift of a general economic benefit (often a
dollar amount) payable out of the general assets of the estate without
requiring any particular source of payment.

Question 3

Demonstrative Legacy

Answer 3

A demonstrative legacy is a gift of a general amount that is to be paid
from a particular source or fund.

Question 4

Residuary Estate

Answer 4

The residuary estate, and hence a gift of the residue, consists of the
balance of the testator’s property after paying (1) debts, expenses,
and taxes; and (2) specific, general, and demonstrative gifts. Some
testators use the residuary for the “forgotten” items that were not
dealt with earlier in the will