At law “ademption” occurs when a specific gift under a Will fails because, at the time of death, the Willmaker no longer owns the subject property.
An example of this unintended and unfortunate result would be the failure of the specific gift of a Willmaker’s house property when the property is sold, perhaps to fund an accommodation bond for an aged care facility, and the necessary consequential amendment of the Will is overlooked.
Recent case law has provided some narrow exceptions to the general application of the ademption principle, but it remains vital to ensure that your Will is updated to meet changing circumstances, thereby ensuring that your intended beneficiaries are not disadvantaged.
Our Wills and Estates Lawyers would be pleased to help you review and, where necessary, revise your Will.
Peter Spear
Partner