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KembaraXtra – Legal Terms – Lapse
Lapse refers to the failure of a gift in a will when the intended beneficiary dies before the testator. In such cases, the gift generally does not take effect and instead becomes part of the residuary estate, to be distributed among remaining beneficiaries.
However, there are important exceptions. For example, if the gift is made to joint tenants, surviving beneficiaries inherit the share. Under the Wills Act 1837, gifts to descendants may pass to their own children if they predecease the testator. Additionally, courts may apply charitable gifts using the cy-près doctrine, and testators may include specific instructions to prevent lapse.
Lapse refers to the failure of a gift in a will when the intended beneficiary dies before the testator. In such cases, the gift generally does not take effect and instead becomes part of the residuary estate, to be distributed among remaining beneficiaries.
However, there are important exceptions. For example, if the gift is made to joint tenants, surviving beneficiaries inherit the share. Under the Wills Act 1837, gifts to descendants may pass to their own children if they predecease the testator. Additionally, courts may apply charitable gifts using the cy-près doctrine, and testators may include specific instructions to prevent lapse.
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