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LSDefine
Simple English definitions for legal terms
lapse statute
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A quick definition of lapse statute:
A lapse statute is a law that helps make sure that a person's wishes for their property are carried out even if the person they wanted to give it to has passed away. In the past, if someone left something to a person who died before them, the gift would be lost. But with a lapse statute, the gift can go to the children or other relatives of the person who passed away, so that the original person's wishes are still respected. Different states have different rules about who can benefit from a lapse statute. However, if the will shows that the person had a different plan for their property, the lapse statute won't apply.
A more thorough explanation:
Definition: A lapse statute, also known as an anti-lapse statute, is a legal rule that prevents a gift in a will or trust from failing or "lapsing" if the intended recipient dies before the person who made the will or trust. Instead of the gift going to the deceased recipient's heirs or to the state, the lapse statute allows the gift to pass to the recipient's descendants, as long as the will or trust does not indicate otherwise.
Example: Let's say that John creates a will that leaves his house to his sister, Mary. However, if Mary dies before John, the will does not specify what should happen to the house. Under common law, the gift would fail, and the house would pass to John's heirs or to the state. However, if the state where John lives has a lapse statute, the gift would pass to Mary's children or other descendants, as long as the will does not indicate otherwise.
Explanation: This example illustrates how a lapse statute can prevent a gift from failing if the intended recipient dies before the person who made the will or trust. Instead of the gift going to the deceased recipient's heirs or to the state, the lapse statute allows the gift to pass to the recipient's descendants, as long as the will or trust does not indicate otherwise.