The word "legacy" can have several interpretations. Legacy can be used to describe a sum of money that has been left behind or bequeathed to someone by his or her ancestors. Family traditions and cultures which are carried forward from one generation to another also form a legacy. Such a legacy ought to be preserved by young and upcoming generations in a family.
"Legacy Code" is defined as a source code that is outdated and is no longer in use. "Legacy system" is an old application program which is obsolete but the organization does not want to replace or re-design it. "Legacy student" is a term used to describe a child or student who is primarily admitted to a college because his or her parent was an alumnus of the institution.
Legacy is something that is handed down from the past by a predecessor or an ancestor. Legacy ought to be preserved and carried on.