Legacy extinguishment occurs when a gift intended to be given in a will is no longer possible due to the absence of the intended item or the recipient having already received an alternative gift. This can happen in two ways: either the intended item no longer exists, or the recipient has already received an alternative gift.
The extinguishment of a legacy, also known as ademption, occurs when a gift specified in a will cannot be given to the beneficiary because it no longer exists or is no longer part of the estate at the time of the testator’s death. There are two theories of ademption: the identity theory and the intent theory. The identity theory means that if a specific piece of property is not part of the testator’s estate upon their death, the gift will fail. The intent theory means that the beneficiary will receive a gift of equal value if it can be proved that the testator did not intend the gift to be adeemed. Ademption can occur through extinction, when the unique property subject to a specific bequest is no longer in existence, or through satisfaction, when the testator has already given property to the beneficiary in lieu of the testamentary gift.
The extinguishment of legacy refers to the legal process by which a bequest or inheritance is canceled or revoked.
Some common reasons for extinguishing a legacy include the death of the legatee before the testator, the legatee renouncing the inheritance, or the legatee being declared legally unworthy to inherit.
No, a legacy cannot be extinguished if the legatee is still alive. The legatee has a legal right to accept or reject the inheritance.
In some cases, a legacy can be extinguished if the legatee is a minor. This usually requires a court order and is done to protect the minor’s best interests.
Yes, a legacy can be extinguished if the legatee is mentally incapacitated. This is typically done to ensure that the inheritance is not mismanaged or wasted.
In certain jurisdictions, a legacy can be extinguished if the legatee is convicted of a crime. This is often referred to as the “slayer rule” and is intended to prevent criminals from benefiting from their crimes.
In some cases, a legacy can be extinguished if the legatee is bankrupt. This is usually determined by the bankruptcy court and depends on the specific circumstances of the case.
Yes, a legacy can be extinguished if the legatee refuses to accept it. This is known as renunciation and can be done voluntarily by the legatee.
Yes, a legacy can be extinguished if the testator changes their will. Any changes made to the will can affect the distribution of assets, including legacies.
No, once the legatee accepts the inheritance, the legacy cannot be extinguished even if the legatee dies afterwards. The inheritance will pass to the legatee’s heirs or beneficiaries as per the terms of the will.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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