How specifically-named assets of a Last Will and Testament are treated if they are sold prior to the death of the Maker vs. the remainder of the assets of that same estate depends upon the exact language contained within the Will document. <\/p>\n
If the asset that is to be transferred is specifically described in the Will but that asset is sold prior to the death of the Will’s maker, the beneficiaries who were supposed to receive that specifically-named asset receive nothing.<\/p>\n
Then, typically, the residuary clause of the Will would pass all remaining assets of the estate to the other beneficiaries as listed.<\/p>\n
This specific-to-general flow is known as the Rule of Ademption: if property constituting a specific bequest or devise is no longer owned by the decedent at the time of his or her or death, then neither the specific asset nor its cash equivalent passes to the beneficiary named as the recipients of that asset.<\/p>\n
The Rule of Ademption does not apply to general gifts stated in the Will (including residuary bequests and devises), but only to specifically identified assets and gifts.<\/p>\n
If a gift in the Will can be characterized as something other than a specific gift, the principle of Ademption does not apply.<\/p>\n
Thus, it is strongly recommended that a beneficiary who finds himself in such a situation have a qualified attorney review the Will document to determine whether the bequest regarding property is specific or general in nature, as such a determination is critical in the distribution of the remaining assets.<\/p>\n","protected":false},"excerpt":{"rendered":"
How specifically-named assets of a Last Will and Testament are treated if they are sold prior to the death of the Maker vs. the remainder of the assets of that same estate depends upon the exact language contained within the Will document.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-536","post","type-post","status-publish","format-standard","hentry","category-last-will-and-testament-questions"],"yoast_head":"\n