What is Legacy definition/concept/elaboration
Legacy is a term commonly used in the legal field. It is the set of actions that someone leaves in writing for one or several people. This action is put into practice through a document or will by which the assets and belongings left to a person are established , in this case the legatee legally speaking.
It should be noted that a legatee is not the same as an heir
While the heir is the one who receives title to the assets of the deceased, the legatee is the one who receives certain assets, those that were explicitly indicated in the will.
It is a voluntary action on the part of the tester and that can undergo changes throughout life.
Legacy assets pass to the legatee as soon as the testator dies
Anything specified in a legacy in the form of a will cannot legally contradict the legitimate rights of the heirs.
One of the problems that occur with any legacy is the fact that the heirs must bear the financial consequences in case there is any pending left over from the property in question, for example, a foreclosed house.
The legacy concept is based on Roman Law , a general legal principle in most current legislation.
The idea of legacy goes beyond the legal sphere. In fact, it is also used to indicate traditions, institutions, ideals or values that have been inherited by a community .
Each population has its own historical and cultural legacy. It is transmitted from generation to generation and is not necessarily material, since mentality and certain customs are part of the legacy received.
If we take the Western world as a reference, its legacy has a precise origin. On the one hand, Roman Law already mentioned, although there is also Greek thought (more particularly through philosophy, art and culture in general), as well as the values of Christianity, political freedom and social rights.
The legacy in its historical sense allows us to understand that the present is the logical consequence of the past and that our reality has deep roots. Even our ideals are not usually our own, as most personal assessments are part of the shared legacy.