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What Is a Lapse? Definition, Uses and Importance.

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The failure of a gift of property is left in the will because when someone dies, their beneficiary is deceased and there’s no alternate to inherit. California has an “antilapse” statute,” which prevents gifts from going away unless relatives have none themselves.

Neglect to exercise or perform some responsibility in accordance with the time limit for such a right, as well as failure of a defined condition. An insurance policy is terminated when the policyholder fails to pay the premium.

When a beneficiary is alive at the time of the will’s execution but dies before the testator, the common-law concept that a gift in a will has no effect passes to the estate that remains after the payment of debts and specific gifts.

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