A contingent legacy is a type of bequest in a will that is dependent on a specific condition or event occurring before the beneficiary can receive the inheritance. Unlike a general legacy, which is an unconditional gift of property or assets, a contingent legacy requires that certain criteria must be met for the beneficiary to inherit.
For example, a testator may specify in their will that a sum of money is to be given to their niece only if she graduates from college. In this case, the inheritance is contingent upon the niece’s completion of her degree. If she does not graduate, she would not receive the legacy.
Contingent legacies can also involve conditions related to time or circumstance, such as inheriting property only if the beneficiary reaches a certain age or survives the testator. If the condition is not fulfilled, the legacy may lapse, meaning it will not be distributed and may either revert to the estate or be allocated to alternative beneficiaries as outlined in the will.
In Texas, contingent legacies are valid and enforceable, provided they are clearly articulated in the will. When drafting a will, it is essential for individuals to outline any contingent legacies precisely to avoid confusion or disputes among potential beneficiaries.
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