13:13
i heard the group interview is really chill and I'm kinda excited to do it
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Simple English definitions for legal terms
gift over
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A quick definition of gift over:
A gift is when someone gives something to another person without expecting anything in return. It can be a thing, like a toy or money, or even a part of their body for medical purposes. There are different types of gifts, like ones given during a person's lifetime (inter vivos gift) or in a will (testamentary gift). A completed gift is one that the giver no longer has control over, while a gift over is a gift that takes effect after a certain time or event. Some gifts are made for charitable purposes, while others may have conditions attached to them.
A more thorough explanation:
Definition: A property gift (usually through a will) that takes effect after the expiration of a preceding estate in the property (such as a life estate or fee simple determinable).
Examples:
- John leaves his house to his wife, Sarah, for her lifetime, with gift over to their son, Don, in fee simple. This means that after Sarah's death, the ownership of the house will pass to Don.
- Martha leaves her car to her sister, Mary, for five years, with gift over to her nephew, Tom, if Mary dies before the five years are up. This means that if Mary dies before the five years are up, Tom will become the owner of the car.
These examples illustrate how a gift over works. The gift over only takes effect after a preceding estate in the property has expired or ended. In the first example, the gift over to Don only takes effect after Sarah's lifetime estate has ended. In the second example, the gift over to Tom only takes effect if Mary dies before the five-year period has ended.