Legal Definitions - legable

Definition:

Legable, adj. (of property) capable of being passed down through a will or inheritance.

Examples:

• A house that is owned outright by an individual is legable property.
• A car that is still being financed is not legable property until the loan is paid off.

Explanation: Legable property refers to assets that can be passed down to heirs or beneficiaries through a will or inheritance. This includes real estate, investments, and personal property. The examples provided illustrate the concept of legable property by showing how ownership and financial obligations can impact whether or not an asset can be passed down. A house that is owned outright can be bequeathed, while a car that is still being financed cannot be passed down until the loan is paid off and ownership is established.