Difference between revisions of "Lapsed gift"
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| − | A '''lapsed gift''' is a gift made in a [[will (legal document)|will]] to a person who has died prior to the will-makers death. [[Category:Legal Terms]] | + | A '''lapsed gift''' is a gift made in a [[will (legal document)|will]] to a person who has died prior to the will-makers death. |
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| + | Under the common law, such a gift would be included in the "residual estate" (that part of the estate not bequeathed to a specific person or entity). But if the person was to inherit part of the residual estate, then the rules of intestate succession apply ("no residue of a residue"). | ||
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| + | However, modern law has provided for some exceptions: | ||
| + | *Under the Uniform Probate Code (where adopted), if two or more people are bequeathed the residual estate, the share for the person deceased goes to the other(s) proportionally. | ||
| + | *If the [[Uniform Simultaneous Death Act]] applies, then the 120 hour rule goes into effect. | ||
| + | *Some jurisdictions have "anti-lapse" statutes, which allow for such bequests to go to the heirs of the original person; however, the testator can specify that the anti-lapse rule does not apply. | ||
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| + | [[Category:Legal Terms]] | ||
Latest revision as of 23:34, February 18, 2020
A lapsed gift is a gift made in a will to a person who has died prior to the will-makers death.
Under the common law, such a gift would be included in the "residual estate" (that part of the estate not bequeathed to a specific person or entity). But if the person was to inherit part of the residual estate, then the rules of intestate succession apply ("no residue of a residue").
However, modern law has provided for some exceptions:
- Under the Uniform Probate Code (where adopted), if two or more people are bequeathed the residual estate, the share for the person deceased goes to the other(s) proportionally.
- If the Uniform Simultaneous Death Act applies, then the 120 hour rule goes into effect.
- Some jurisdictions have "anti-lapse" statutes, which allow for such bequests to go to the heirs of the original person; however, the testator can specify that the anti-lapse rule does not apply.