A contingent legacy is a gift given through a will that is dependent on the occurrence of an uncertain event before it can be received. For instance, if an individual leaves money to their granddaughter “if she reaches the age of 21,” the granddaughter will only inherit the money if she attains that age. If she fails to do so, the money will be passed on to another recipient. This contrasts with an absolute legacy, which is bestowed without any conditions and can be obtained immediately.
A contingent legacy is a gift given through a will, typically of personal property or money, that is dependent on an uncertain event and has not yet been granted. This means that the gift will only be given if the event specified in the will occurs. For example, a grandfather may leave a contingent legacy to his granddaughter “if she attains the age of 21.” This means that the granddaughter will only receive the gift if she reaches the age of 21. Contingent legacies differ from absolute legacies, which are given without any conditions and are intended to be granted immediately. They also differ from conditional legacies, which will take effect or be defeated based on the occurrence or nonoccurrence of a specific event.
A contingent legacy is a provision in a will that grants a specific gift or asset to a beneficiary, but only if certain conditions are met. If the conditions are not fulfilled, the contingent legacy may not take effect.
Common conditions attached to contingent legacies include the beneficiary reaching a certain age, getting married, or completing a specific task or milestone. These conditions are typically outlined in the will itself.
Yes, like any other provision in a will, a contingent legacy can be challenged or contested if there are valid grounds to do so. This may involve proving that the conditions were not met or that the provision was improperly executed.
In some cases, the conditions of a contingent legacy can be modified through a legal process known as a codicil. This requires the testator (the person who made the will) to draft and execute a new document that amends the original will.
If the conditions of a contingent legacy are impossible to fulfill, the gift may fail and the asset or gift may be distributed according to the residuary clause of the will or the laws of intestacy if there is no residuary clause.
Yes, a contingent legacy can be revoked by the testator at any time before their death. This can be done through the execution of a new will or a codicil that specifically revokes the contingent legacy.
Yes, if there is evidence to suggest that the testator was unduly influenced or coerced into including a contingent legacy in their will, it can be challenged on the grounds of undue influence.
No, a contingent legacy cannot be changed after the testator’s death. The conditions and provisions outlined in the will are legally binding and can only be modified by the testator during their lifetime.
No, a contingent legacy cannot be transferred to another beneficiary unless the testator specifically includes provisions for such transfers in the will. Otherwise, the contingent legacy will be distributed according to the original conditions and provisions.
Yes, a contingent legacy may be subject to inheritance or estate taxes depending on the jurisdiction and the value of the asset or gift. It is advisable to consult with a tax professional or attorney to understand the tax implications of a contingent legacy.
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: 17th April 2024.
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