Friday, September 30, 2016
Failing to maintain and update your will can cause major problems with ademption. Ademption occurs when a specific bequest is no longer present in the testator’s estate at death. There are two types of ademption—by satisfaction or extinction. Ademption by extinction is oftentimes the only one that causes a problem when the item has been sold, transferred, changed, or destroyed. New York maintains certain pieces of legislation that govern ademption, but it is not safe to rely on them as they are very scant on the subject. The best way to avoid ademption is to make sure your will accurately reflects all current assets in your estate, so that your family benefits just as you had planned.
See Ettinger Law Firm, Ademption: A Stumbling Black to Your Estate Plan, NY Estate Planning Attorney Blog, September 20, 2016.