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GLOSSARY

Gift over definition

What does Gift over mean?

A gift which is contingent on the occurrence of a certain event.

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Essentials of a charity

Essentials of a charity NOTE: Save as where it may otherwise be stated, the law referred to in this Practice Note applies to England and Wales only. There is no simple method of identifying a charity. Some will be registered by the Charity Commission but many will not. Defining a charity A starting point is the statutory definition which defines a charity (for the purposes of England and Wales) as: ‘an institution which (a) is established for charitable purposes only, and (b) falls to be subject to the control of the High Court in the exercise of its jurisdiction with respect to charities.’ Consequently, in order to be a charity there must be: • an institution • established for charitable purposes • subject to the control of the High Court As can be seen there is no mention of 'registration' and this is because registration is neither a characteristic nor a requisite of being a charity. Indeed, there are financial and other restrictions on the right of charities...

Applications for letters of administration with Will annexed—residuary beneficiaries

Applications for letters of administration with Will annexed—residuary beneficiaries Where an executor is not able to take out a grant of probate to the testator’s Will, there is a strict order of priority of others who can do this by way of a grant of letters of administration (with Will annexed). See Practice Note: Applications for letters of administration with Will annexed. After an executor, the next persons in the order of priority under NCPR 1987, r 20 would be those who have an interest in the residuary estate. Determining whether a gift of residue has been left is sometimes unclear, particularly where the Will is not professionally drawn. It is therefore necessary to examine what constitutes a gift of residue. Is there a residuary gift? In general a specific disposition of the residue is usually seen in a Will. There are some obvious clues in the wording that may be used and it is generally accepted that there are many words that are capable of...

Discover our 12 Practice Notes on Gift over

Gift/hospitality over limit approval request form

Gift/hospitality over limit approval request form We run our business[es] with integrity. All of us must work together to ensure our business[es] remain[s] untainted by bribery and corruption. This approval request form is integral to that effort.[ See also our [insert, eg Gifts and hospitality policy].] This form must be used in every case where a gift or hospitality is of a value above our allowed limit of £[insert limit]. It is to be completed and sent to [insert, eg the Anti-Bribery and Corruption Officer]. General Person making request [Insert name] Date of request [Insert date] Country the donor/recipient of the gift/hospitality is based [Insert country] Reason for gift/hospitality [Insert reason] Does the gift/hospitality relate to a specific [client OR customer]? ☐ Yes—state [client OR customer]’s name and/or reference☐ No☐ Don’t know The gift/hospitality Date(s) of offer/receipt of gifts(s)/hospitality [Insert date(s)] Nature of

Clauses dealing with accruer of share(s) of residue

Clauses dealing with accruer of share(s) of residue [If [insert full name of beneficiary] of [insert full address of beneficiary] shall predecease me or shall survive me and fail to attain a vested interest in such [insert proportion of shares of residue] share, then I direct that my trustees shall hold [proportion of the predeceased beneficiary’s share, eg one-half] of [insert full name of predeceased beneficiary]’s share as an accretion to the share(s) left to [insert full name of substituted beneficiary] of [insert full address of substituted beneficiary] and their issue and of the other [proportion of the predeceased beneficiary’s share, eg one-half,] of [name of predeceased beneficiary]’s share as an accretion to the share left to [insert full name of substituted beneficiary] of [insert full address of substituted beneficiary] and their issue. OR My trustees shall hold my residuary estate upon trust to divide it or to treat it as being divided into [insert number] shares of equal value and shall hold them upon the following...

Dive into our 3 Precedents related to Gift over

T's Will established a life interest trust for T's spouse and provided that the remaindermen were T's sisters living at T's death. All the remaindermen have predeceased the life tenant. What happens to the remainder interests when the life tenant dies? Could the estates of the remaindermen redirect the remainder interests before the life tenant's death?

T's Will established a life interest trust for T's spouse and provided that the remaindermen were T's sisters living at T's death. All the remaindermen have predeceased the life tenant. What happens to the remainder interests when the life tenant dies? Could the estates of the remaindermen redirect the remainder interests before the life tenant's death? This Q&A have assumed that the remaindermen took their interests under T's Will as tenants in common and not as joint tenants. Where the Will or trust document directs an interest in capital for the purposes of benefiting a person of full capacity in some specified manner, subject to words of limitation in the trust, it confers on that beneficiary an absolute, vested interest in the capital. It gives that beneficiary the right to call for a transfer of the property. Where that beneficiary dies, the vested right to call for a transfer of the property passes to their personal representatives. Conversely, where by reason of words of limitation the right is not vested,...

Which Precedent Will drafting clause should be used where a testatrix wishes to leave her entire estate to her husband if he survives her and otherwise to their child if she/he survives her, with a longstop gift over to the testatrix’s siblings in equal shares if both husband and child fail to survive her?

Which Precedent Will drafting clause should be used where a testatrix wishes to leave her entire estate to her husband if he survives her and otherwise to their child if she/he survives her, with a longstop gift over to the testatrix’s siblings in equal shares if both husband and child fail to survive her? This is not an unusual scenario and there are a number of Precedents which you may find useful: • Will—to spouse absolutely, then to children absolutely (residuary gift to spouse, then to children, with long stop provision) • Encyclopaedia of Forms and Precedents: Clause in will—absolute gift of residuary estate to spouse/civil partner with substitutional gift to children on reaching specified age in the event of spouse/civil partner predeceasing or failing to survive for specified

See the 8 Q&As about Gift over