Designation , or through logging by extinction , is a common law doctrine used in the will of the law to determine what happens when the property is inherited under a will will no longer be in the land of heirs in at the death of the heir. To design (legacy) property-specific items (certain prizes), the property is considered redeemed , and prizes fail. For example, if a person will leave the heir to a certain recipient, but the heir does not have a car at the time of his death, the prize will be redeemed and the recipient mentioned above will not receive the prize at all.
General prizes or general prizes - cash prizes - never redeemed. If the cash in the estate of the testator is insufficient to fulfill the prize, then another asset in the residual estate needs to be sold to raise the necessary cash.
Some properties are located in a "gray" area, where the interviewer's specific intent must be determined. For example, where the inheritors leave "500 shares of stock" in a company, this can be read as a public heritage (that the plantation must buy and deliver certain shares to the recipients), or can be read as a special will, especially if the heir uses possessiveness (" > me 500 shares "). Such gifts are regarded as demonstrative gifts. Such demonstrative gifts are regarded as a mix of special and general gifts. If one has to inherit "500 shares," most countries will regard it as a demonstrative gift. The prize earned to the heir who receives "500 shares of stock," is the date of the death of the 500 shares.
Exceptions may be revoked if the property leaves the property after the heir is declared incompetent. Furthermore, in some cases the recipient will be entitled to the proceeds of the sale of the property, or the payment of insurance for the property lost or destroyed.
To avoid confusion about what may or may not be redeemed, sometimes the phrase "if owned by me on my death" is placed into the article of wills in which property is inherited.
Regarding the sale of land under the contract of execution, the traditional case law agrees that the withdrawal occurs on the death of the testator and that the proceeds of sale, when the closure occurs, shall not pass to a particular property devisee. However, the more modern view and the Uniform Probate Code, which has been adopted by some countries, disagrees. This jurisdiction finds that when the property is subject to a specific plan placed under a contract of sale before the death of the deceased, the proceeds of the sale will pass to a specific devisee.
Video Ademption
Statutory variations
Many US jurisdictions have improved the effect of the doctrine of general law by law.
In Wisconsin, state law (854.08) attempts to abolish the general legal doctrine of ademption by extinction, by, for example, giving beneficiaries the balance of purchase price of goods sold (subject to some limitations).
In Virginia, ademption occurs in relation to most forms of property, but if the property in question is a stock certificate, then the purchase of a stock issuer by another company, and a share exchange for a new issue by that company, will not redeem the stock reward. Similarly, if the shares that were present at the time the prize was made have been separated (for example, where the holder of 500 shares receives the reissue of 1,000 shares each having half the original value), the recipient of the prize will be entitled to the number of shares < i> after the split.
Maps Ademption
References
Source of the article : Wikipedia
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