Legatee
 |
Definition of 'Legatee'A recipient of all or part of a deceased person's estate. A legatee is more commonly known as a beneficiary or heir to the terms of a will. The term comes from the word "legacy", meaning inheritance. If a person dies without a will and has no living relatives, the assets will go to the state. |
 |
Investopedia explains 'Legatee'If a legatee does not want to accept an inheritance, he or she can formally disclaim the assets within nine months of the testator's death (unless the legatee is underage, which in that case they cannot disclaim until they reach the age of majority). The disclaimer is permanent and the assets will then pass to the contingent beneficiary. An heir might want to disclaim an inheritance if it would be burdensome to own (like an undesirable piece of real estate), or if the legatee didn't need the inheritance and felt it would be more helpful to the contingent beneficiary. |
Related Definitions
Articles Of Interest
-
Why You Should Draft A Will
Don't trust the courts to follow your wishes - plan the distribution of your own assets. -
Getting Started On Your Estate Plan
With some preparation, you can save your heirs from paying a hefty estate tax. Here are some tips. -
Three Documents You Shouldn't Do Without
Estate planning is not just about the division of assets after you die. Read on to save your loved ones extra grief. -
Refusing An Inheritance
Contrary to popular belief, inheriting assets isn't always a good thing. Find out what to do if you want to disclaim them. -
Mistakes In Designating A Retirement Beneficiary
Make sure your beneficiary designations not only reflect your intentions but also meet the requirements to be effective. -
Skipping-Out on Probate Costs
Don't let bad estate planning lead to unnecessary costs and stress for your inheritors. -
Why You Shouldn't Die In 2013
Increases in estate tax rates and possible fiscal cliff implications will make things more difficult when it comes to arrangements for your death. -
Tax-Efficient Wealth Transfer
Taxpayers with large taxable estates were required to take steps to reduce them before 2011. -
What To Do When You're Left Out Of A Will
Discover the legal steps you can take if you are left out of a will and if fighting is worth the effort. -
Tax-Saving Advice For IRA Holders
Be informed about benefits and deductions that may apply to you and avoid costly mistakes on your return.
Free Annual Reports
