Testamentary Devise

Question 1

Testamentary Devise - Gral

Answer 1

• Transfer upon death of owner/testamentary (not inter-vivos)
• Usually under state statute
• Will: is ambulatory - can be revoked /modified prior to death

Question 2

Testamentary Devise - Specific situations (4)

Answer 2

1) Ademption
2) Accession
3) Exoneration
4) Lapsed Device

Question 3

Testamentary Devise - Ademption

Answer 3

• Specific property to go to specific taker but disposed of prior to death
• Gral Rule: taker does not get anything
• Some states allow for taker to get $ from traceable funds OR equivalent property OR residue of estate

Question 4

Testamentary Devise - Accessions

Answer 4

• Specific property to go to specific taker but increases value/size prior to death
• Gral Rule: taker gets it all.

Question 5

Testamentary Devise - Exoneration

Answer 5

• Specific property to go to specific taker becomes subject of liability btwn date of will and date of death - Gral Rule: taker get property with liability
• Few states require the residue of the estate to absorb an equitable portion of encumbrance

Question 6

Testamentary Devise - Lapsed Device

Answer 6

• When beneficiary dies before the testator and the devise was specifically conditioned upon the beneficiary surviving
• Gral rule: property added to residue of the estate of the testator and doesn’t go to named beneficiaries heirs.
• Many states now have anti-lapse statute