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Definitions from the Web

Ademption

Definition: Ademption refers to the situation where a specific bequest or gift mentioned in a will cannot be fulfilled because the testator (person who made the will) no longer owns the item at the time of their death.

Usage:

1. Due to the testator's decision to sell the artwork before their death, ademption occurred, and the beneficiaries no longer received it as part of the estate.
2. The concept of ademption is essential in estate planning to ensure that the intended beneficiaries receive the assets mentioned in the will.
3. In this case, the specific bequest of a vintage car was subject to ademption as the vehicle was destroyed in an accident prior to the testator's passing.

Related Products on Amazon:

• Estate Planning Guide
• Last Will and Testament
• Asset Protection Strategies