changes in beneficiaries Flashcards
a gift of real property is called?
the recipient is called?
devise
devisee
a gift of personal property is called?
bequest
a gift of legacy is
a gift of personal property but one that is NOT sufficiently specific
(usually money left to the legatee)
a general legacy is?
gift of general economic benefit
a demonstrative legacy is?
gift of general amount that is paid from a particular source or fund
what is ademption
gift cannot be given because its no longer in T’s estate at time of their death
so gift is adeemed/failed
partial ademption
beneficiary takes the remaining portion of property
ademption by satisfaction
beneficiary receives gift before T dies
most states require
- a writing or specific instructions in the Will that gift has been satisfied and
- the intent that the “early” gift satisfies what the beneficiary would receive from the Will
exoneration of lien under UPC + most states
beneficiary takes property with the lien aka takes property subject to the debt
the only way to avoid is if it was mentioned in the will that the beneficiary take without the lien/debt
abatement
reducing gifts because there isnt enough in the estate to satisfy
order of most impt to least impt when abating gifts if testator does not specify
- property passing by intestacy
- residuary estate
- general legacies - gift of general economic benefit
- demonstrative legacies - gifts of general amount that takes from a particular source
- specific bequests - gifts of personal property
- devises - gift of real property
within a class abatement is prorata
list (2)
when do gifts lapse
- B dies before T
- B treated as dead (even tho alive) - B disinherited or B didnt survive long enough (ie 120 hours)
anti-lapse statute
used to save the gift if B died before T and had a specific degree of relationship to T and B left heirs who survive the T
descendants take by substitution
ALS applies unless otherwise specified
