What is a legacy in the context of a will?

A legacy in the context of a will refers to an amount of money or property that is specifically bequeathed to a named beneficiary upon the death of the testator (the person who made the will). This term is used to signify the gift or inheritance that a beneficiary receives as directed by the will. When someone mentions receiving a legacy, it typically implies that they are the recipient of a designated portion of the deceased's estate, which may include various forms of assets, such as cash, real estate, or personal belongings.

The other options describe different aspects of estate planning or legal property terms but do not capture the specific definition of a legacy. For example, the transfer of ownership to property may occur through the execution of a will, but it is a separate legal act. Similarly, a legal document outlining estate plans describes the overall will or estate plan rather than a specific legacy, and a clause that restricts property use deals with conditions placed upon property ownership, which is not pertinent to the concept of a legacy. Thus, the choice accurately encapsulates the essence of what a legacy entails in the framework of a will.