General Information about Legacies – An individual can decide to leave all or part of his/her cash, bank accounts, apartment, stocks and shares, antique furniture, jewellery or other articles of monetary value to Rigpa after they die.
Written Document – The written document that makes this clear is a will or testament which describes the gift, called a legacy or bequest, of money or property that the individual wants to make to a person or organization.
Estate – The money and property that are left after a person’s death are known as the estate of the person. The will is the legal instrument that permits a person to make decisions on how his estate will be managed and distributed after his death, which individuals and organizations inherit all or part of his estate, and who will be the executor of the will, that is: who will distribute the estate to the beneficiaries.
Every Country has Different Laws – If a person does not leave a will, this can create a lot of anxiety and difficulties for their family. Every country has laws that define what will be done if a person dies intestate (without leaving a will): for example, the state will decide who inherits the estate, including in some cases the state.
Depending on the legal regime in your country, there are taxes and other duties that will be taken out of the estate before it is paid out to the beneficiary, or that the heir or beneficiary of a will themselves must pay to the state out of the inheritance. These taxes can be very high.