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Ademption

Ademption. Causes. Basic Principles of Ademption. 1. A specific gift adeems , that is, fails. See Rogers v. Carter – p. 134. Basic Principles of Ademption. 2 . Voluntary partition among c0-owners Regarding part testator still owns, no ademption. Basic Principles of Ademption.

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Ademption

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  1. Ademption

  2. Causes

  3. Basic Principles of Ademption • 1. A specific gift adeems, that is, fails. • See Rogers v. Carter – p. 134

  4. Basic Principles of Ademption • 2. Voluntary partition among c0-owners • Regarding part testator still owns, no ademption.

  5. Basic Principles of Ademption • 3. Pro tanto (“only to that extent”) • Regarding part testator still owns, no ademption.

  6. Possible Remedies • 1. Beneficiary receives equivalent value • No!

  7. Possible Remedies • 2. Executor purchases item for beneficiary • No!

  8. Possible Remedies • 3. Tracing • No! – See Shriner’s Hospital – p. 138 • Unless, involuntary sale • Note: some states allow tracing into insurance proceeds

  9. Possible Remedies • 4. Substantially equivalent gift • No! • Note: Some states allow beneficiary to receive a substantially equivalent gift if contained in testator’s estate.

  10. Application to corporate stock • Specific • Words of Identification • Words of Possession • General

  11. Practice Advice • 1. Explain to client who makes specific gifts. • 2. Ascertain client’s intent. • 3. Document intent in will

  12. Practice Advice • I leave my 1974 AMC Gremlin to X. • If this car is not in my estate at the time of death, • [this gift adeems.] • [X may select one car from my estate.] • [X receives $25,000.] • [X gets my Sony computer.]

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