Changes in Beneficiaries and Property AFTER Will Execution

Question 1

Classifications based on property

Answer 1

Devise: gift of real property; recipient is a devisee

Bequest: gift of personal property

Legacy: gift of personal property IN A WILL; usually money; recipient is called a legatee

Question 2

Specific Devise or Legacy

Answer 2

A gift of a particular item of property distinct from all other objects in T’s estate (I leave my Sony computer Model LXCV w/ serial # 1234256345 to John)

A specific bequest of a general nature (I leave my laptop to John) is not distinguishable from the rest of T’s estate until T dies.

Question 3

General Legacy

Answer 3

A gift of a general economic benefit payable out of the general assets of the estate w/o requiring any particular source of payment.

Gifts of items that T never owned, BUT intended the executor to purchase for the beneficiary can also be general legacies.

Question 4

Demonstrative Legacy

Answer 4

Gift of a general amount that is to be paid from a particular source or fund. If the designated fund is insufficient, the balance will usually be paid from other assets of estate.

Question 5

Residuary Estate

Answer 5

consists of the balance of T’s property after paying 1) debts, expenses, taxes; and 2) specific, general, and demonstrative gifts.

Question 6

Ademption by Extinction

Answer 6

ONLY APPLIES TO SPECIFIC DEVISES AND BEQUESTS

when disposition of a gift fails because the property is no longer in T’s estate at the time of their death.

Question 7

Partial Ademption

Answer 7

A gift may be partially adeemed, as where T devises a large tract of land and then conveys a portion of the tract during their life. The beneficiary takes the remaining portion.

Question 8

Common Exceptions to Ademption