9:29
yea i need to hit the mega millions
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Simple English definitions for legal terms
survivorship clause
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A quick definition of survivorship clause:
A survivorship clause is a part of a will that says a person must live for a certain amount of time after the person who wrote the will dies in order to receive a gift. If the person dies before that time, the gift goes to someone else. This is also called a survival clause.
A survival statute is a law that allows certain legal actions to continue even after a person has died. This law can help the person's estate recover damages that the person would have been entitled to if they were still alive. This is different from a death statute, which does not allow legal actions to continue after a person has died.
A more thorough explanation:
A survivorship clause is a provision in a will that requires a beneficiary to survive for a certain period of time after the testator's death in order to receive their inheritance. This period is usually 60 days. If the beneficiary dies within this time, their inheritance goes to the residuary estate.
For example, if a testator leaves $10,000 to their niece with a survivorship clause of 60 days, and the niece dies 30 days after the testator, the $10,000 would go to the residuary estate instead of the niece's heirs.
A survivorship clause is also known as a survival clause.
It is important to include a survivorship clause in a will to ensure that the testator's wishes are carried out as intended and to avoid confusion or disputes among beneficiaries.