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Legal Terms - Ademption
Ademption refers to the act of canceling or reducing a specific legacy due to the fact that the item or property that was intended to be gifted is no longer part of the testator's estate at the time of their death.
Death, incapacity of the testator, or absence of an item that matches the description in the will. For instance, if the testator sells a specific dwelling mentioned in the will before their death, or if they gift the kid property that is a part of the legacy mentioned in the will, the legacy is considered adeemed in both situations. The donation of the house is revoked and the inheritance of the kid is diminished by the value of the portion (also known as satisfaction). Ademption can occur without the testator's direct action. For instance, if an Act of Parliament nationalizes a corporation in which the testator owns shares, it would result in the ademption of any legacy related to those shares. Ademption does not have any effect on either a general legacy or a demonstrative legacy. A will may include an explicit provision that grants the legatee a substitutional legacy in the event of ademption.
Ademption refers to the act of canceling or reducing a specific legacy due to the fact that the item or property that was intended to be gifted is no longer part of the testator's estate at the time of their death.
Death, incapacity of the testator, or absence of an item that matches the description in the will. For instance, if the testator sells a specific dwelling mentioned in the will before their death, or if they gift the kid property that is a part of the legacy mentioned in the will, the legacy is considered adeemed in both situations. The donation of the house is revoked and the inheritance of the kid is diminished by the value of the portion (also known as satisfaction). Ademption can occur without the testator's direct action. For instance, if an Act of Parliament nationalizes a corporation in which the testator owns shares, it would result in the ademption of any legacy related to those shares. Ademption does not have any effect on either a general legacy or a demonstrative legacy. A will may include an explicit provision that grants the legatee a substitutional legacy in the event of ademption.
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