legacy

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun Money or property given to another by will.
• noun Something handed down from an ancestor or a predecessor or from the past: synonym: heritage.
• noun An individual who is either an applicant to an educational institution or a matriculated student and is the child of an alumna or alumnus.
• adjective Retained under an obsolescent or discarded system, chiefly for purposes of reference.

from The Century Dictionary.

• To bequeath; assign as a legacy.
• To leave a legacy to.
• noun Money or other property left by will; a bequest; specifically, a gift of personalty by will as distinguished from a devise or gift of realty.
• noun Anything bequeathed or handed down by an ancestor or a predecessor.
• noun A business which one has received from another to execute; a commission; an errand.
• noun Legation; embassy.

from the GNU version of the Collaborative International Dictionary of English.

• noun A gift of property by will, esp. of money or personal property; a bequest. Also Fig..
• noun A business with which one is intrusted by another; a commission; -- obsolete, except in the phrases last legacy, dying legacy, and the like.
• noun a tax paid to government on legacies.
• noun one who flatters and courts any one for the sake of a legacy.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun law money or property bequeathed to someone in a will
• noun Something inherited from a predecessor; a heritage
• noun The descendant of an alumnus
• adjective computing of a computer system that has been in service for many years and that a business still relies upon, even though it is becoming expensive or difficult to maintain
• adjective left behind; old or no longer in active use

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun (law) a gift of personal property by will