LAPSE, ABATEMENT, ADEMPTION

Question 1

When does a gift lapse?

Answer 1

the beneficiary dies before the testator; the gift lapses (fails) unless it is saved by an anti-lapse statute

Question 2

When does the Florida anti-lapse statute apply?

Answer 2

the predeceasing beneficiary is the testator’s grandparent OR a lineal descendant of Testator’s grandparent who has kids; UNLESS a provision in the will says not to apply anti-lapse

Question 3

What language in a will can prevent the use of anti-lapse?

Answer 3

“To my sister X, if she survives me”

Question 4

What makes up the testator’s residuary estate?

Answer 4

balance of the estate after (1) paying debts, expenses, and taxes; and (2) specific, general, and demonstrative gifts

Question 5

What is abatement?

Answer 5

process of reducing testamentary gifts when the estate’s assets are insufficient to pay claims and satisfy bequests

Question 6

What is the order of abatement?

Answer 6

Unless otherwise provided: (1) intestate; (2) residuary devises; (3) general devises; and (4) specific and demonstrative devises

Question 7

When is a bequest adeemed?

Answer 7

when at the time of testator’s death a specifically devised property isn’t in the testator’s estate

Question 8

A specific devisee of stock…

Answer 8

is entitled to any additional stock of the entity owned by testator because of an action taken by the entity (I.e. a merger)

Question 9

What is Florida’s rule regarding the exoneration of liens?

Answer 9

Liens are not exonerated unless the will specifically directs it

Question 10

when a devise lapses, and it is not saved by the anti-lapse statute, what is the result?

Answer 10

the gift falls into the residuary estate