Are you a beneficiary under a West Palm Beach will? Have you been left something that is no longer in the estate? What can you do to ensure you are still getting something from the estate? Do you know about the West Palm Beach doctrine of ademption?
Doctrine of Ademption
- If a gift is bequeathed in an estate and it is not there at the time the testator dies then the gift is “adeemed” do you know what that means?
- It is not good a West Palm Beach beneficiary.
- Adeemed is a fancy way of saying gone, forgiven, or in other words not owed to you.
- Are all gifts adeemed if they are not in the estate?
- No the short answer is it depends on the type of gift.
- Take for an example a will that states that the testator’s brother will get his supped up Porsche and that his daughter will receive ten thousand dollars from sale of the testator’s intel stock.
- Now assume that both the Porsche and stock were sold years before the testator died and the funds have long been deposited, spent, saved or whatever.
- Should these be treated the same?
- They are not, so learn the difference.
The Porsche is Adeemed
- The Porsche will be adeemed and the testator’s brother is not going to be happy.
- This is called specifically bequeathed property.
- If a specifically bequeathed property is not in the estate at the testator’s death then it will be adeemed.
- A specific legacy or bequeath is a gift of property that is particular and described in the will.
- Do you see a specific Porsche is clearly a specific bequest?
- Now what about the other bequest to the daughter, will she be any happier?
The Stock is Not Adeemed
- The daughter is going to get some money assuming it is there and she is going to be much happier than Uncle No Porsche!
- This is known as a demonstrative legacy.
- Do you know what a demonstrative legacy is?
- A demonstrative legacy is a gift that sets out a general amount of money and then identifies a source to allow for remittance of payment.
- In West Palm Beach ademption does not apply to demonstrative legacies.
- Do you know why?
Will Drafting
- Are you about to draft your West Palm Beach estate plan?
- Do you know how you want to title your bequeaths and legacies?
- Do you see how important the language is to how your will is going to be probated?