What happens if someone has a Will but they had taken life-changing decisions before they died without updating their Will? For instance, you indicated that your BMW 320i will be inherited by your 1st born, however, you sell that BMW 320i and purchase a Range Rover Defender without updating your Will.
This is a legal doctrine that deals with the complete or selective removal of a legacy by the conduct of the individual who drafted the Will (‘the testator’) during their life. Ademption takes place when a particular instruction in the Will can not be executed because the estate stated in the Will is no longer in existence or it has changed its stature/ownership at the time of death. Ademption is applicable when the asset in question is no longer part of the deceased’s estate at the time of his/her death.
Therefore, any property/asset that is sold prior to the death of the testator yet is still stipulated in the Will becomes adeemed, it is null and void since it no longer forms part of the estate.
In the event that the sold property was substituted with another is dependent on the terms used in the Will in this regard. The Executor guided by the terms used in the Will shall then use his/her discretion yo ascertain whether it automatically gets inherited by the same individual who was supposed to inherit the sold asset.
The importance of a RESIDUAL CLAUSE:
This residue of the estate is the balance of the estate that remains after payment of debt, estate duty, and administration expenses. A residual clause caters to any property not particularly bequeathed to any individual and therefore distributed as per the clause.
UPDATE YOUR WILL REGULARLY:
Every time you make a life-changing decision, it is important to ensure that this is stipulated in your Will by updating it.
Manzankosi Corporate Legal Consultancy is here:
Our legal practitioners at MCLC are qualified and equipped to assist in drafting a Will that will ensure that your wealth is distributed and allocated according to your desires after you die. Contact Manzankosi Corporate Legal Consultancy on 067 147 2323 / 081 712 1114 or email info@manzankosiclc.co.za
