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LSDefine

Simple English definitions for legal terms

lapsed legacy

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A quick definition of lapsed legacy:

Term: Lapsed Legacy

Definition: A lapsed legacy is a gift that was left to someone in a will, but the person who was supposed to receive it has died before the person who made the will. This means that the gift will not be given to anyone and will instead go back to the estate. For example, if your grandma left you $100 in her will, but you passed away before she did, the $100 would go back to your grandma's estate instead of going to your family.

A more thorough explanation:

A lapsed legacy is a type of legacy that fails to take effect because the intended recipient has died before the testator (the person who made the will). In other words, the legacy "laps" or becomes invalid because the person who was supposed to receive it is no longer alive.

For example, if a person leaves $10,000 to their nephew in their will, but the nephew dies before the testator, the legacy is considered lapsed and the $10,000 will go to the residuary beneficiary (the person or organization designated to receive any remaining assets after specific gifts have been distributed).

Lapsed legacies can also occur if the intended recipient is no longer eligible to receive the gift due to a change in circumstances. For instance, if a person leaves their car to their son, but they sell the car before they die, the legacy is considered lapsed.

lapsed devise | lapsed policy

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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