1.15.1 General rules
Under a survivorship clause, the beneficiary only inherits if he survives for the stated period after the testator’s death. Failure to survive the requisite period causes the gift to pass as provided in the will. A common survivorship period, often adopted, is 28 days but may be as long as desired. However, where the survivorship period is in excess of six months, the gift constitutes settled property to which the normal IHT rules apply (IHTA 1984, s. 43 and 92), e.g. possible exit charges.
The rationale of the survivorship period can be illustrated by way of example.
Example
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