Changes in Beneficiaries and Property after Will's Execution

Question 1

If a will beneficiary dies during the testator’s lifetime, the gift…

Answer 1

lapses.

Question 2

The person who receives a lapsed gift is controlled by (in order):

Answer 2

1. Express terms of the will;
2. Applicable anti-lapse statute;
3. Residuary clause, then
4. Intestacy statute.

Question 3

Unless there is a contrary provision in the will, Virginia’s anti-lapse statute operates to save a testamentary gift if the predeceasing beneficiary was…

Answer 3

a grandparent or lineal descendant of the testator’s grandparents.

Question 4

If a will makes a gift to a beneficiary who was dead at the time the will was executed…

Answer 4

the gift is void, but the anti-lapse statute also applies to void gifts.

Question 5

When specifically bequeathed property is not in the testator’s estate at death, the bequest is…

Answer 5

adeemed.

Question 6

Ademption applies only to…

Answer 6

specific devises and bequests.

Question 7

A general legacy is…

Answer 7

a bequest of a dollar amount that is payable out of the general assets of the estate without a claim on any particular source of payment.

Question 8

A demonstrative legacy is…

Answer 8

a gift of a general amount that identifies a particular asset as the primary source of payment.

Question 9

When possible, courts will construe a bequest of securities as…

Answer 9

a general legacy, to avoid ademption.

Question 10

A gift of “my 200 shares” is considered a…

Answer 10

specific bequest of the shares, so ademption would apply.

Question 11

The sale by guardian or conservator rule does not apply if…

Answer 11

after the sale, it is adjudicated that the testator’s disability has ceased, and the testator survives the adjudication by one year.

Question 12

In cases not involving a guardian or conservator, a specific devisee has a right to (1) _________; and (2) _________, so long as these amounts are paid after death.

Answer 12

1. any amount of condemnation award for the taking of property by eminent domain; and
2. any proceeds from fire or casualty insurance on the property.

Question 13

A specific devisee of stock is entitled to securities of another corporation owned by the testator as a result of…

Answer 13

merger, consolidation, reorganization, or similar action taken by the entity.

Question 14

In Virginia, an inter vivos gift to a will beneficiary is not treated as being in partial or total satisfaction of a legacy unless:

Answer 14

1. The testator declares in a contemporaneous writing that the gift was intended to satisfy a legacy;
2. The beneficiary acknowledges in writing that the gift is in satisfaction; or
3. The will expressly states that legacies are to be reduces by such inter vivos gifts.

Question 15

If a cash legacy is not paid within one year…

Answer 15

the beneficiary is entitled to interest until paid.