Legacy Clause (Condition Subsequent) (ON)

Summary

This clause is a legacy clause in a will with a condition subsequent and directs the trustee to pay to the named beneficiary the amount specified by the testator. This clause includes practical guidance and drafting notes. This clause provides a benefit under a will which is subject to a condition subsequent which means that the benefit that has been effectively acquired can be later lost. An income interest can be lost on the occurrence of some later event in the life of the beneficiary, at which time the beneficiary has no further right to the benefit. In other words, an interest can be held by a beneficiary but is subject to being lost at a later point if some event either occurs or does not occur. In this case, that event is the earlier of the death, remarriage, or cohabitation for a period of more than 6 months of the beneficiary. This situation is referred to as being "vested subject to later divestment". For an effective condition subsequent or precedent of any kind, there must ...