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Encyclopedia > Ademption
The Law of Wills and Trusts
Part of a series on the common law
Inheritence
Intestacy  · Testator
Parts of a Will
Codicil  · Residuary clause
Attestation clause
Problems of property disposition
Lapse and anti-lapse
Ademption  · Abatement
Pretermitted heir
Elective share
Will contest
Testementary capacity
Undue influence  · Insane delusion
Trusts
Pour-over will  · Cy pres
Spendthrift trust
Constructive trust
Other areas of the common law
Contract Law  · Tort Law  · Property Law
Criminal Law  · Evidence
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Ademption is a term used in the law of wills to determine what happens when property bequested under a will is no longer in the testator's estate when the testator dies. For devises of specific items of property, the property is adeemed, and the gift fails. If, for example, the will bequethed the testator's car to a specific person, but the testator owned no car at the time of his death, then the gift would have been adeemed. Image File history File links Legal portal image File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Law (a loanword from Old Norse lag), in politics and jurisprudence, is a set of rules or norms of conduct which mandate, proscribe or permit specified relationships among people and organizations, provide methods for ensuring the impartial treatment of such people, and provide punishments for those who do not follow... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... In common law legal systems, a trust is a relationship in which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by fiduciary duty to exercise that legal control for the benefit of someone else (the beneficiary), according... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... Intestacy refers to the body of common law that determines who is entitled to the property of a dead person in the absence of a last will and testament or other binding declaration. ... A testator is a person who has made a legally binding will or testament, which specifies what is to be done with that persons family and/or property after death. ... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... Codicil can refer to: An addition made to a will Any addition or appendix, such as a corollary to a theorem A poem by Derek Walcott This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Abatement (derived through the French abattre, from the Late Latin battere, to beat), a beating down or diminishing or doing away with; a term used especially in various legal phrases. ... A pretermitted heir is a term used in the law of property to describe a person who would likely stand to inherit under a will, except that the testator (the person who wrote the will) did not know or did not know of the party at the time the will... An elective share is a term used in American law relating to inheritance, which describes a proportion of an estate which the surviving spouse of the deceased may claim in place of what they were left in the decedents will. ... A will contest, in the law of property, is a formal objection raised against the validity of a will, based on the contention that the will does not reflect the actual intent of the testator (the party who made the will). ... Undue influence (as a term in jurisprudence) is an equitable doctrine that involves one person taking advantage of a position of power over another person. ... In common law legal systems, a trust is a relationship in which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by fiduciary duty to exercise that legal control for the benefit of someone else (the beneficiary), according... A constructive trust is a legal device used by courts sitting in equity to resolve claims raised by a plaintiff whose property has been converted to a profitable use by the defendant. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... Property law is the law that governs the various forms of ownership in real property (land as distinct from personal or moveable possessions) and in personal property, within the common law legal system. ... Criminal law (also known as penal law) is the body of law that punishes criminals for committing offences against the state. ... The law of evidence governs the use of testimony (eg. ... Law (a loanword from Old Norse lag), in politics and jurisprudence, is a set of rules or norms of conduct which mandate, proscribe or permit specified relationships among people and organizations, provide methods for ensuring the impartial treatment of such people, and provide punishments for those who do not follow... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... A testator is a person who has made a legally binding will or testament, which specifies what is to be done with that persons family and/or property after death. ...


General devises - gifts of cash amounts - are never adeemed. If there is not enough cash in the testator's estate to satisfy the gift, then other assets in the residuary estate are sold to raise the necessary cash.


Some property lies in a gray area, where the testator's specific intent must be determined. For example, where the testator bequests "500 shares of stock" in a company, this may be read as a general devise (that the estate should purchase and convey the particular stocks to the beneficiary), or it may be read as a specific devise, particularly if the testator used a possessive ("my 500 shares").


Ademption may also be waived if the property leaves the estate after the testator has been declared incompetent. Furthermore, in some cases the beneficiary will be entitled to the proceeds from the sale of property, or to the insurance payout for property that is lost or destroyed. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. ...


  Results from FactBites:
 
ADEMPTION: CRACKS IN THE IDENTITY THEORY PROVIDE OPPORTUNITIES- 1996 (2010 words)
The general rule of ademption is that if property constituting a specific bequest or devise is no longer in the decedent's possession at his or death, then neither the asset nor its cash equivalent passes to the beneficiary.
Counsel for the executor explained to the client that he was not entitled to the monetary equivalent of the asset because of the principle of ademption.
Examples of a change in substance resulting in an ademption include bank accounts that were invested in bonds, a mink coat made into a mink stole, land transferred for a mortgage note, a Packard automobile exchanged for a Lincoln automobile, a life insurance policy converted to cash and bank accounts turned into certificates of deposit.
  More results at FactBites »

 
 

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