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
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.