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Forum > Will > Payment of Legacies in the Will
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Date Posted:
27-Aug-2013 15:42:00
Payment of Legacies in the Will

Pecuniary Legacies
A pecuniary legacy is a gift of money left under a Will. The executor is given a year from the date of death in order to distribute pecuniary legacies to beneficiaries. If it is not completed within the ‘executor’s year’ beneficiaries become eligible for interest as a form of compensation for the lateness of the gift.

Specific Legacies
It is important that any gifts, specified in the Will, are distinguished from similar items or the bequest may become void. For instance, if the testator has left a diamond ring, but has more than one it is necessary to make a clear distinction by giving more information e.g. diamond engagement ring. This clears up any confusion surrounding which ring the testator refers to.

Residuary Beneficiary
The residue of an estate is anything which is left from the estate after payment of debts, funeral expenses and specific and pecuniary legacies. A residuary beneficiary is someone who receives a share or all of the remainder of the estate.
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