Uncertainty-failure legacies and gift residue-executorship, Financial Accounting

Uncertainty

A gift or disposition not expressive of any definite intention shall be void for uncertainty, i.e A gift under a will fails where there is uncertainty as to:

  • What is being given
  • To whom it is being given, or
  • The quantity of the interest being given

 

E.g. A leaves some of his property to B; or A leaves his house in Karen to some of his children.  However, no gift for charitable purposes is void because of uncertainty of the object. Also, no gift whereby the legatee is expressly or impliedly given a right of selection, purchase or disposition is void merely by reason of the uncertainty arising from that right. Where property is bequeathed to any person, the gift shall be presumed to comprise the whole interest of the testator in that property, unless it appears from a will that only a restricted interest was intended for him. The object of a gift which refers to a person or persons as existing shall be construed as at the date of the will, unless a contrary intention clearly appears therein.

Posted Date: 12/13/2012 4:42:49 AM | Location : United States







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