Posted by Nicola Waldman | Partner
On 23rd September 2019
Many individuals include gifts in their wills that require an event to happen or an action to take place prior to a beneficiary inheriting (this is called a contingent gift). For example, a will may state that £10,000 is paid to every grandchild on attaining 21 years – which means that if a grandchild does not survive to his/her 21st birthday the gift will lapse (fail). The problem with contingent gifts is that they add complexity to wills and, sometimes, create difficult if not impossible conditions for potential beneficiaries to meet.