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LSDefine
Simple English definitions for legal terms
failed gift
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A quick definition of failed gift:
A failed gift is a gift that cannot be given to the intended recipient. This can happen if the person who was supposed to receive the gift has died before the gift was given, or if the conditions for receiving the gift were not met. For example, if someone left money to their granddaughter "if she attains the age of 21," but the granddaughter died before turning 21, the gift would fail.
A more thorough explanation:
A failed gift refers to a gift that was intended to be given through a will, but for some reason, it did not happen. There are two types of failed gifts:
- Lapsed Devise: This refers to a gift of real property that was not given because the person who was supposed to receive it died before the person who made the will.
- Lapsed Legacy: This refers to a gift of personal property or money that was not given because the person who was supposed to receive it died before the person who made the will.
For example, if a person made a will and left $10,000 to their niece, but the niece died before the person who made the will, then the gift would be considered a failed gift.