A substitutional gift, also known as a substitute gift, is given to someone in lieu of another person who is unable to receive it. For instance, if a person leaves a gift in their will for a deceased friend, they may choose to give it to the friend’s child instead.
A substitutional gift, also known as a substitute gift, is a testamentary gift where the testator designates an alternate recipient in case the original recipient is unable to receive the gift for any reason. For instance, if a testator leaves a gift to their child but the child passes away before them, the testator may name the child’s child (i.e., the testator’s grandchild) as the substitute recipient. Similarly, if a testator leaves a gift to a friend who is unable to accept it due to death or incapacity, the testator may name another friend as the substitute recipient. These examples demonstrate how a substitutional gift allows the testator to ensure that their intended gift is received by someone they care about, even if the initial recipient is unable to receive it.
A substitutional gift is a gift that is given to someone in place of another gift that was originally intended for them.
Yes, a substitutional gift can be revoked if the original gift giver decides to change their mind and give the intended gift to the recipient instead.
Yes, a substitutional gift is legally binding as long as it meets the requirements for a valid gift, such as being given voluntarily and without expectation of anything in return.
Yes, a substitutional gift can be challenged in court if there are disputes over the validity of the gift or if the original gift giver’s intentions are unclear.
If the intended gift is no longer available, the recipient may still be entitled to receive a substitutional gift of equal value or a different gift altogether, depending on the circumstances.
Yes, a substitutional gift can be included in a will as a way to ensure that the intended recipient receives something of value if the original gift is no longer available.
No, a substitutional gift is intended for a specific recipient and cannot be given to someone else unless the original gift giver explicitly allows for it.
If the recipient refuses the substitutional gift, the original gift giver may need to make alternative arrangements or seek legal advice on how to proceed.
Yes, a substitutional gift can be given in anticipation of a future event, such as a wedding or graduation, as long as it meets the legal requirements for a valid gift.
If you have questions about a substitutional gift, it is best to consult with a legal professional who can provide guidance and advice based on your specific situation.
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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