What is an upgrade/downgrade provision?
An upgrade/downgrade provision is a clause within a will or inheritance law in Florida that allows a court to modify the terms of an inheritance from one beneficiary to another. The terms of the provision are typically used when the person who was originally chosen to receive the inheritance has either died or is no longer eligible for the inheritance. For example, if the chosen beneficiary was too ill to receive the inheritance, the court may allow another beneficiary to receive it in their place. In this case, the court would modify the terms of the original inheritance in order to ensure that the second beneficiary receives the same benefit as the original beneficiary would have. An upgrade/downgrade provision can also be used to make changes to the will or inheritance if the original terms are no longer applicable due to changes in the law or other circumstances. Ultimately, an upgrade/downgrade provision serves to ensure that the wishes of the original grantor are respected and that the inheritance is passed on to the proper beneficiary.
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