Raymond is an international import/ export consultant. He is 67 years old and single, with no children. His only relative is a brother in China. He has talked about preparing a will but so far has not signed one. In the spring of 2022, he made plans to visit Hong Kong on business. He decided to complete a continuing power of attorney in case something happened to him while he was away. He appointed his friend Michael as attorney. While in Hong Kong, Raymond became seriously ill and was flown to a hospital into Toronto. When he returned home, he told his doctor that, if he died, he wanted Michael to receive his antique silkscreen wall hangings. Raymond makes Michael the beneficiary of his GICs, but the gift lapses. Which of the following best describes the lapse?

		Michael receives only a portion of the GICs because some had to be used to pay unexpected estate debts when Raymond died
		Michael dies before Raymond, so the GICs revert to the residue of Raymonds estate
		Before his death, Raymond has cashed in his GICs and spent the money. So, Michael gets nothing
		Michael received the GICs and the estate is required to pay the outstanding loan related to the GICs