Property Substitution (Ademption

Question 1

What happens if a specific gift in a will is no longer in the estate?

Answer 1

The gift is deemed to be adeemed, meaning it fails entirely, and the beneficiary receives nothing.

Question 2

Are there exceptions to ademption?

Answer 2

If the property has changed in form but not substance, it may still pass to the beneficiary.

If the proceeds of the sale are traceable and held separately, courts may allow the beneficiary to receive the equivalent value.