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Hand-me-down cutting of frilly material, say (6)

Ross

I believe the answer is:

legacy

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'hand-me-down' is the definition.
(I've seen this before)

'cutting of frilly material say' is the wordplay.
I cannot really see how this works, but
'say' could be 'eg' (both can mean 'for example') and 'eg' is present in the answer.
'frilly' could be 'lacy' (I've seen this in another clue) and 'lacy' is located in the leftover letters.
This accounts for all the letters.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for legacy that I've seen before include "estate?" , "Birthright" , "Something bequeathed in will" , "Inheritance" , "A bequest, something left in a will" .)

I've seen this clue in The Times and The Sunday Times.
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