Wills - Changes in Beneficiaries and Property After Will Execution

Question 1

Demonstrative Legacy

Answer 1

A gift of a general amount that is to be paid out from a particular source/fund. If source has insufficient funds, the balance will be paid out from other assets of the estate.

Question 2

Ademption

Answer 2

Failure of a gift because the property is no longer in the testator’s estate at the time of their death

Question 3

General Rule of Ademption

Answer 3

If the specifically bequeathed property is not in the testator’s estate at death, the bequest is adeemed and the beneficiary takes nothing.

⚠️beneficiary does NOT take a substitute gift, nor can they trace proceeds

Question 4

Partial ADemption

Answer 4

Where the testator devises a large tract of land and then conveys a portion of the tract during their life. Beneficiary takes remaining portion.

Question 5

Replacement Property - Ademption

Answer 5

Some states allow beneficiary to receive replacement property if the testator replaced the gifted item with another similar item

Question 6

Balance of Purchase Price - Ademption

Answer 6

If testator sold gifted item & purchaser still owes money, some states allow beneficiary to receive remaining money

Question 7

Proceeds from Sale by Guardian/Conservator

Answer 7

If testator became incompetent & the specifically devised property was sold by a guardian, beneficiary may be entitled to proceeds

Question 8

Ademption by Satisfaction

Answer 8

Most states require:

• a writing or
• specific instructions in the will before the gift is deemed a satisfaction

Question 9

Accessions

Answer 9

Increases to property after execution of will