Share

Minneapolis Estate Planning and Probate Lawyer Blog

Monday, May 21, 2012

What happens if you are bequeathed a car that no longer exists? The ABCs of Ademption

What happens if you are bequeathed a car that no longer exists?  The ABCs of Ademption

If you’re involved in settling a loved one’s estate, you may come across the curious word “ademption”. Ademption describes what happens when something designated in a will no longer exists. Say, for example, your uncle dies and leaves for you in his will an old-school Harley Davidson motorcycle. However, if your uncle crashed the motorcycle two years before the will was probated and there’s nothing to leave, then that gift would be considered adeemed and you would receive nothing. This is why certain wills include language that says, “if owned by me at my death.”

However, it is important to realize that certain items cannot be adeemed. For instance, money. If your uncle died and left $7,000 for you in his will, but left a zero dollar balance in his accounts, your gift of cash would not be adeemed. Instead, the estate would be responsible for satisfying that gift, say for example, through the sale of the house or other such property.

There are exceptions to ademption, however. If the property leaves the estate after the person who wrote the will has been declared incompetent, ademption is waived.  Other states make exceptions for cases where interest in a corporation that no longer exists because the shares were exchanged with that of an acquiring company.  Your state may tackle ademption differently based on its laws, so please consult a qualified real estate or probate lawyer if you want to learn more about ademption and its exceptions.
 

 

 


Archived Posts

2018
2017
2016
2015
December
November
October
August
July
June
May
April
March
February
January
2014
2013
December
November
October
September
August
June
May
April
March
February
January
2012
December
November
October
September
August
July
June
May
April
March
February
January
2011
December
November
October
September
August
July
June
May
April
March
February
January
2010


From within Hennepin County Unique Estate Law represents clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park.


9.3Chris Tymchuck

© 2018 Unique Estate Law | Disclaimer
3800 American Blvd., Suite 1500, Bloomington, MN 55431
| Phone: 952-358-7400
333 Washington Avenue North, Minneapolis, MN 55401
| Phone: 952-358-7400
5775 Wayzata Blvd., St. Louis Park, MN 55416
| Phone: 952-358-7400

Estate Planning | Probate | Guardianship/Conservatorship | Special Needs Planning | Step Parent Adoptions | Fees | Mediation Services

TwitterLinked-In PersonalLinked-In CompanyBlog RSS

Attorney Website Design by
Amicus Creative


9.3Chris Tymchuck