Gifts

Question 1

What are the ways a gift may fail

Answer 1

Abatement
Ademption
Lapse
Disclaimer
Forfeiture
Uncertainty

Question 2

What is a gift?

Answer 2

A gift is that which is left by a testator to an individual, or any part of the testator’s property left to an individual. Gifts are generally bestowed via someone’s last Will and testament in which case it is testamentary in nature. As a Will is ambulatory, such a gift does not take effect until the testator dies.

Question 3

Gifts are generally divided into two categories. What are they?

Answer 3

Devises -
Bequests - Legacies or gifts of personal estate or personality

Question 4

what are the different types of legacies?

Answer 4

Specific
General
Residuary
Demonstrative
Pecuniary

Question 5

What are the different types of Devises

Answer 5

Specific
General
Residuary

Question 6

What is Ademption?

Answer 6

A gift is said to be “adeemed” if at the date of the testator’s death it ceases to form a part of his estate (for example, he sold it while he was alive). Once a gift is adeemed the beneficiary does not get it at all.

Question 7

How would a gift lapse? and what are the exceptions?

Answer 7

The general principle is that a gift lapses if the beneficiary predeceases the testator.

Exceptions:
- One exception to this is where a testator makes an alternative provision on his Will. eg “I give my Toyota Corolla motor car to my former teacher May Gordon PROVIDED HOWEVER that if she predeceases me then I want it to go to my sister Maria Martin, absolutely.”

• where the child of the deceased predeceases them, leaving issue, and any such issue of such person shall be living at the time of the death of the testator, such devise or bequest shall not lapse, but shall take effect as if the death of such person had happened immediately after the death of the testator, unless a contrary intention shall appear by the will.

Once a gift lapses it goes into the residue and if there is no residuary clause it falls on intestacy.