This paper provides a comprehensive review of the literature on "legacy" in family businesses, integrating 140 articles across various theoretical lenses. The authors address five overarching questions: (1) What is legacy? (2) Who sends and receives legacy? (3) Why is legacy sent and accepted/rejected? (4) How is legacy sent and received? (5) In which contexts? The review identifies gaps in the literature and suggests future research directions. Key findings include: 1. **What is Legacy?** Legacy is conceptualized as both an asset and a liability, with most studies viewing it as a valuable resource that supports long-term decision-making and organizational continuity. However, a minority of studies highlight its negative aspects, such as limiting entrepreneurial behavior and hindering future shaping. 2. **Who Sends and Receives Legacy?** Founders and senior generations are the primary senders of legacy, while the next generation is the main receiver. Other senders include wives/mothers/grandmothers, dominant coalitions, and the organization itself. Receivers also include the next generation, the organization, successors, and employees, though the latter two are less frequently studied. 3. **Why is Legacy Sent and Accepted/Rejected?** Motivations for sending legacy include identity maintenance, moral obligation, emotional attachment, and generativity. Motivations for accepting or rejecting legacy primarily involve moral obligation, emotional attachment, belonging, identity construction, and legitimacy. 4. **How is Legacy Sent and Received?** The review identifies various mechanisms and artifacts that facilitate the circulation of legacy, including family mechanisms (e.g., primary socialization, first-hand imprinting) and business mechanisms (e.g., secondary socialization, organizational arrangements). 5. **In Which Contexts?** Legacy is studied in the context of family businesses, industries, and countries, with a focus on the interplay between these contexts and the nature of legacy. The paper contributes to the family business literature by offering a unified process model that summarizes current knowledge and highlights areas for future research. The findings have implications for understanding the survival and sustainability of family firms, emphasizing the need for a more integrated and comprehensive approach to studying legacy in family business.This paper provides a comprehensive review of the literature on "legacy" in family businesses, integrating 140 articles across various theoretical lenses. The authors address five overarching questions: (1) What is legacy? (2) Who sends and receives legacy? (3) Why is legacy sent and accepted/rejected? (4) How is legacy sent and received? (5) In which contexts? The review identifies gaps in the literature and suggests future research directions. Key findings include: 1. **What is Legacy?** Legacy is conceptualized as both an asset and a liability, with most studies viewing it as a valuable resource that supports long-term decision-making and organizational continuity. However, a minority of studies highlight its negative aspects, such as limiting entrepreneurial behavior and hindering future shaping. 2. **Who Sends and Receives Legacy?** Founders and senior generations are the primary senders of legacy, while the next generation is the main receiver. Other senders include wives/mothers/grandmothers, dominant coalitions, and the organization itself. Receivers also include the next generation, the organization, successors, and employees, though the latter two are less frequently studied. 3. **Why is Legacy Sent and Accepted/Rejected?** Motivations for sending legacy include identity maintenance, moral obligation, emotional attachment, and generativity. Motivations for accepting or rejecting legacy primarily involve moral obligation, emotional attachment, belonging, identity construction, and legitimacy. 4. **How is Legacy Sent and Received?** The review identifies various mechanisms and artifacts that facilitate the circulation of legacy, including family mechanisms (e.g., primary socialization, first-hand imprinting) and business mechanisms (e.g., secondary socialization, organizational arrangements). 5. **In Which Contexts?** Legacy is studied in the context of family businesses, industries, and countries, with a focus on the interplay between these contexts and the nature of legacy. The paper contributes to the family business literature by offering a unified process model that summarizes current knowledge and highlights areas for future research. The findings have implications for understanding the survival and sustainability of family firms, emphasizing the need for a more integrated and comprehensive approach to studying legacy in family business.