Lapsed Legacies

Lapsed Legacies

Lapsed Legacies

Lapsed Legacies

Your WILL should provide for the contingency of the simultaneous death of you, as testator, and one or more of your beneficiaries under the WILL. In these days of air travel, the clause to be included may take the form of (1) directing that a beneficiary be deemed to have predeceased you, (2) directing that one beneficiary be deemed to have predeceased another, or (3) providing for a gift-over to someone else in the event of simultaneous death.

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Some states have enacted theUniform Simultaneous Death Act, but whether or not the Act applies in your state, you should tell your lawyer just what you want to do in the event of a simultaneous or a near-simul taneous death. If you and your wife have been married before and each had children by a prior marriage, you may not intend to have the entire estate pass to one side of the family to the exclusion of the other. Your lawyer will tell you that the Uniform Simultaneous Death Act contains a provision that the act will not apply if you so provide in your WILL. If you have no provision in your WILL, however, and you and your wife die hi the same accident, the property of each of you will be disposed and distributed as if you had each survived the other. You should discuss this problem with your lawyer, since you have a rather broad discretion in asserting your will.If you have made a substantial general legacy and the legatee predeceases you, ordinarily the legacy will lapse and will become part of your residuary estate. Some states have felt that this was an injustice and have passed statutes directing that where the legatee or beneficiary was a descendant, brother, or sister of the testator, his death prior to the death of the testator will not result in the lapse of the legacy if the descendant, brother or sister shall be survived by a child or other descendant. You should confer with your own lawyer as to the applicability of such a statute in your state.

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