A conditional bequest is a provision in a will or trust that outlines certain conditions that must be met before a beneficiary can receive their inheritance. These conditions can vary widely and may involve specific actions, events, or circumstances. For example, a conditional bequest might require the beneficiary to graduate from college, get married, or reach a certain age before they are entitled to their inheritance. If the conditions are not met, the beneficiary may forfeit their right to the bequest, and the property or assets may pass to an alternate beneficiary or be distributed according to other terms of the will or trust.
n. in a will, a gift which will take place only if a particular event has occurred by the time the maker of the will dies. Example: Ruth’s will provides that “Griselda will receive the nursery furniture if she has children at the time of my death.” This is slightly different from an executory bequest, which could provide for a gift to a beneficiary upon the happening of a specified event. Example of an executory bequest: a trust provides “Betty shall receive the house held in trust when she marries.
A conditional bequest refers to a provision in a will or trust that specifies certain conditions that must be met in order for a beneficiary to receive their inheritance. These conditions can vary and may include factors such as the beneficiary reaching a certain age, getting married, or completing a specific task. If the conditions are not met, the beneficiary may be excluded from receiving their inheritance.
A conditional bequest is a provision in a will or trust that specifies certain conditions that must be met for a beneficiary to receive their inheritance.
Conditions can vary widely and may include requirements related to age, marital status, educational attainment, employment, or any other specific criteria set by the testator or grantor.
Yes, conditions in a bequest can be legally enforceable if they are not contrary to public policy and are capable of being objectively determined by a court.
If the conditions of a bequest are not met, the beneficiary may forfeit their inheritance, and the assets may be distributed according to alternative provisions in the will or trust.
Conditions must be reasonable and not violate public policy or laws. For example, conditions that promote illegal activities or discriminate based on protected characteristics may be unenforceable.
Yes, conditional bequests have the potential to create disputes among beneficiaries, especially if the conditions are subjective or open to interpretation.
Yes, beneficiaries or interested parties may challenge conditional bequests in court if they believe the conditions are unreasonable, impossible to fulfil, or contrary to public policy.
Testators or grantors should work with an experienced estate planning attorney to draft clear and unambiguous language for conditional bequests and ensure that the conditions are reasonable and legally enforceable.
In some cases, conditions in a bequest may be modified or removed through legal means, such as by executing a codicil to the will or an amendment to the trust. However, any changes should comply with applicable laws and procedures.
Yes, individuals considering conditional bequests should seek legal advice from an experienced estate planning attorney to ensure that the conditions are legally enforceable and aligned with their intentions. An attorney can help draft the provisions and address any potential issues or challenges that may arise.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 10th April 2024.
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