A bequest of personal property or money to a will's beneficiary (legatee). While technically "legacy" does not include real property (which is a "device"), it commonly refers to any gift from a deceased person's estate. The term is used primarily for large gifts, which enable the donor to avoid federal inheritance taxes. In the United States, most estates are managed by an executor or administrator, who is usually either an attorney or accountant. They are responsible for managing the affairs of the estate until it is closed by a court order. As part of their responsibility, they may have to file an annual tax return with the Internal Revenue Service. An executor can be anyone appointed by a will to manage the estate before it is distributed among the beneficiaries. The executor files the necessary paperwork with the appropriate government agencies to release ownership of the assets into their hands. After all debts and expenses have been paid, anything remaining is distributed according to the terms of the will. If there is no will, then the estate is treated like any other asset owned by the decedent at his or her death and is divided up among the heirs according to law. In some states, it is required by law that an estate be administered by a professional executor or administrator. These individuals can be found through your local probate court.