Legacy

Strictly, a legacy is a gift of personal property, such as money, livestock or furniture, made by will. A gift of land is a devise, though wills and clerks often used the words loosely. Legacy also means the same as bequest.

Legacies were paid only after the estate's debts. A specific legacy names a particular thing ("my gray mare"), while a general legacy, like a sum of money, can be paid from any of the estate's assets.