antilapse statute - Business Definition
The American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
A law that permits descendents of an already deceased beneficiary to receive the beneficiary's share of an estate. An antilapse statute addresses the possibility that a beneficiary of a will may die prior to the death of the testator.
antilapse statute - Legal Definition
Webster's New World Law Dictionary Copyright © 2010 by Wiley Publishing, Inc., Hoboken, New Jersey.
A statute enacted in most states allowing the heirs of a devisee or legatee who dies before the testator to take the testamentary gift intended for the devisee or legatee. Without the statute, the gift would fail and go to the residuary beneficiary (if any) or to the testator’s intestate heirs. For example, without the statute, a bequest to a son who dies before his father would lapse, and the grandchildren could receive nothing, but with it, the grandchildren would receive the gift that would have gone to the son. Often, these statutes apply only to the heirs of the testator’s relatives who are named as devises and legatees in the testamentary document. See also lapse.
Used by arrangement with John Wiley & Sons, Inc.