Ademption is a situation when a property granted to a person at the time when the will writing becomes non-transferable to him after the death of the owner of the will. There can be various reasons that lead to this situation. Destruction of the property, its loss or sale in the time between the creation of the will and expiry of the will owner can lead to such situations. In simple words, a property is adeemed when it becomes nontransferable to the beneficiary even when there is a mention of beneficiary’s ownership in the will.
The general rule followed in such situations is that if a property mentioned in a will is not in the possession of the decedent mentioned in the will then neither the property nor its equivalent cash passes to the beneficiary.
Cause of occurrence
The situation in which the property becomes nontransferable to the beneficiary occurs due to any of the following two reasons
- Extinction– This occurs when a particular individual adds a property or its equivalent amount of cash in his will but no longer has the possession of that property at the time of his death. This causes the property or its equivalent amount of cash to become nontransferable to the descendant of the will. For example, if an individual makes a will giving his luxury car to his son. Although, before the person dies he damages his car, then the descendant claim to get the equivalent amount denies and the equivalent amount turns nontransferable.
- Satisfaction– This takes place when an individual before his or her death gives the complete property or a part of that they intended to give away in their will. In such cases, the property becomes nontransferable to the descendant. For example, if an individual makes a will, which gives 50000 dollars to his son but before his death, he already gave 25000 dollars to his son. Then after the death of will owner, his descendant can only cam the rest of the amount.
To handle such cases one must consult skilled attorneys to get away from any hassles.