CourtneyElizabeth wrote: redblueyellow wrote: wentmat wrote:
mhub172 wrote:Wills question - I can't seem to figure out what the difference is between an Ademption by Satisfaction and an Advancement. Both are inter vivos property that are given during the T's lifetime, taken against the heir's share. Is the difference then what happens at T's death?
Is this correct - at T's death, for Ademption the heir receives nothing because his/her gift has been satisfied, while the heir in Advancement will still receive what's left of their share ?? Thanks!
I had thought Advancement related to where the T dies intestate (so it is an Advancement against the beneficiary's intestate share) and Satisfaction relates to where the beneficiary gets what they were entitled to under the will.
I have also struggled with the difference though, but this is the best I can come up with so far.
Oh. Not sure, 100% either way. The material I read made it seem like the B predeceased the T in both cases, but there's just so much swirling around that I could very well be wrong/read it incorrectly.
ADEMPTION is if the specific property that is to be given is not part of the testators estate at the time of death. if the T doesn't have the specific property at death, the beneficiary isn't entitled to the proceeds of the specific property.
ADVANCEMENT means it's in the will, but the T gives it to the beneficiary before he dies. Like I leave my car to Jim but he gives the car to Jim before he dies.
I believe Advancement deals with the situation where the T dies intestate, and T has given his heir apparent a gift during his lifetime.
Satisfaction is where T says in his will that Jim will get $1000, and then T gives Jim $1000 before his death. If T says in writing that the gift is to be in satisfaction of the gift in the will, or Jim acknowledges it as such, then Jim is no longer entitled to the $1000 on T's death.
As you say, Ademption is what happens where T makes a specific gift (say of shares) in his will, but those shares are not in T's estate on death. The court will often try to overcome this ademption problem (with the beneficiary getting nothing) by interpreting the gift as a general or a demonstrative gift, so that it is not adeemed (so look to see if the gift is of "my 100 shares in X Co" or just a gift of "100 shares in X Co", with the latter being a general gift (I think !?!).
I think this is right, but I am quite insecure about Wills happy to be corrected!