What does laspe mean in legal terms?

In legal terms, "lapse" refers to the termination or cessation of a right, privilege, or interest due to the failure to act within a specified time frame or as a result of a specific event. For example, a lapse can occur in the context of wills and trusts when a beneficiary predeceases the testator, causing their inheritance to be void. It can also apply to the expiration of options or rights that are not exercised within a designated period.