A legatee is a person or entity that receives something from a will, but they do not have an immediate right to it. Legal challenges or executor delays can prevent inheritance. Residual beneficiaries receive what is left after specific disbursements. It is important to create a legally sound will.
A legatee, also called a beneficiary, is a person who will receive something from a will, when the will is executed, usually by the executor responsible for carrying out the wishes of the testator (person who made the will). Businesses or corporations may also be considered legatees. There used to be a significant difference between the beneficiaries who inherited personal property and those who inherited the land. Sometimes an individual who receives land from a will is called an engineer, although this distinction cannot be made.
Legatee is from the Latin word legare which can mean to bequeath or simply legacy. Other definition of legatee is “someone who receives a legacy.” Bequest is normally defined as those things that remain after a person dies, which can include personal property and land.
One thing the legatee must generally understand is that even if he or she will inherit something, they still do not have a right to what will be inherited. If he inherits a house in a will, he cannot take possession of it right away. The executor must first carry out the plans in the will, and any legal challenge to the will can prevent you from inheriting anything. Most executors complete their tasks as quickly as possible, but this can be a difficult task if legal advice is needed, or if the legacy left behind is large, and many legatees are involved.
Problems sometimes arise if the executor refuses to act in a timely and responsible manner. When such situations arise, and they are by no means uncommon, especially if the executor is not a lawyer, all legatees can join together to try to legally compel the executor to act, or replace the executor with someone who will execute the will and distribute assets, land, money, personal items and others, according to the wishes of the deceased.
A single legatee, or someone excluded from a will can also challenge the legality of the will, so it is very important to create a will that conforms to the legal requirements of one’s state and/or country. If the will is deemed invalid from a legal standpoint, those who inherit may see a very different property disbursement than originally intended. Some legatees view the nature of the estate as simply “not counting” until the will has been proven and executed without challenge from any other survivors.
Another related term is residual beneficiary. This is a person entitled to the remainder of the property once the specific disbursements are made. Again, the residual legatee may face challenges as to his or her right to inherit all residual property; Therefore, all wills and wills are best created by attorneys experienced in creating tough, legal statements that will survive the challenge.
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