Can someone explain the difference between legacy and inheritance?
In my mind, "inheritance" is almost exclusively used to deal with physical or monetary goods, features, or character traits; you can inherit your father's estate, you can inherit your mother's good looks, you can inherit your grandfather's business sense.
"Legacy" can be used in that same sense, but it can also have a much broader sense to refer to a situation that is set up for for the benefit of the descendents: "My father's legacy was the freewheeling, open, friendly town that bears his name: Fatherville." Or, "Our parents' legacy was not simply that they bequeathed us ten million dollars each, but that with that money in trust, we felt free to explore, experiment, and take risks that we would not have been able to, had we not had that safety net available."
(Also, as pointed out in some comments, "inheritance" is generally from the viewpoint of the receiver, while "legacy" is from the viewpoint of the giver: My inheritance was my father's legacy.)
Legacy, as it relates to inheritance, will be of broader or deeper scope. When inheritance refers to one generation's gifts to another, a legacy would refer to three or four generations.
Both terms can be used to denote objects other than money:
I have inherited my father's eyes.
Drinking is the family legacy.
Either an inheritance or legacy can be positive or negative. Legacy does carry a slightly more fatalistic connotation with it: The legacy will live on through the children.
Hellion's observation of legacy's use with regards to a specific individual is also completely valid. The word can be used to describe a legend or long-standing effect caused by one person ("this is his legacy") or even a family, nation or race ("this is their legacy").
As happens so often, there is the dictionary definition and today´s connotation. The dictionary shows that both words are basically synonyms. Inheritance is generally used when referring to monetary or material goods being handed down from one person to another. Legacy refers to how a person will be remembered by others.
They are basically synonyms that have fluctuating nuances. See http://www.thefreedictionary.com/legacy
I use the word "legacy" as the inherent traits of my late mother, Grace, who weathered many a storm but kept a positive attitude, saw the good in the worst of mankind, shared goodwill, treated others with respect and kindness and never waivered in her faith that her soul was her most treasured possession. Thru her living her life in that manner we have now live our lives in the same manner and so her "legacy lives on"
I feel nuances do matter yet legacy deals more with traits those are intangible..with genetic mode of transfer .. and more importantly related to traits in personality. . Where as inhertance has more to do with material and earned properties.. having more to do with lawful .. a tangible actionable claim..