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A devise is real property given by will. [1] A bequest is personal property given by will. [2] Today, the two words are often used interchangeably due to their combination in many wills as devise and bequeath, a legal doublet. The phrase give, devise, and bequeath, a legal triplet, has been used for centuries, including the will of William ...
Ademption, or ademption by extinction, is a common law doctrine used in the law of wills to determine what happens when property bequeathed under a will is no longer in the testator's estate at the time of the testator's death. [1] For a devise (bequest) of a specific item of property (a specific gift), such property is considered adeemed, and ...
These specific legacies are viewed by courts as unique and not able to be replaced with a lifetime gift of money or other property. [ 2 ] When the probate court determines that the doctrine applies to a lifetime gift made to a will beneficiary, the amount beneficiary's gift under the will is reduced by the amount the beneficiary has already ...
The Spacek SD-1 Minisport is a Czech amateur-built aircraft, designed by Igor Špaček and produced by Spacek of Hodonín. The aircraft was also produced for a short time in the United States by SkyCraft Airplanes of Orem, Utah as a light-sport aircraft, but they had gone out of businesses by 2017. The aircraft is supplied in the form of plans ...
Bequest – testamentary gift of personal property, traditionally other than money. Codicil – (1) amendment to a will; (2) a will that modifies or partially revokes an existing or earlier will. Decedent – the deceased (U.S. term) Demonstrative Legacy – a gift of a specific sum of money with a direction that is to be paid out of a ...
The anti-lapse statute "saves" the bequest if it has been made to parties specified in the statute, usually members of the testator's immediate family, if they had issue that survived the testator. For example, the New York anti-lapse statute specifies brothers, sisters, and issue, specifically.
A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. [1] It is also known as a residual estate or simply residue.
A gift, in the law of property, is the voluntary and immediate transfer of property from one person (the donor or grantor) to another (the donee or grantee) without consideration. There are several type of gifts in property law, most notably inter vivos gifts which are made in the donor's lifetime and causa mortis (deathbed) gifts which are ...