Abatement of debts and legacies

Look up abatement in Wiktionary, the free dictionary.
Wills, trusts
and estates
Part of the common law series
Wills

Sections

Contest

Property disposition

Trusts

Common types

Other types

  • Life interest
  • Reversionary interest

Governing doctrines

Estate administration
Related topics
Other common law areas

Abatement of debts and legacies is a common law doctrine of wills that holds that when the equitable assets of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a dividend.[1][2]

Also, in the case of legacies when the funds or assets out of which they are payable are not sufficient to pay them in full, the legacies abate in proportion, unless there is a priority given specially to any particular legacy. Annuities are also subject to the same rule as general legacies.[1]

The order of abatement is usually:

  1. Intestate property
  2. The residuary of the estate
  3. General Devises—i.e., cash gifts
  4. Demonstrative Devises—i.e., cash gifts from a specific account, stocks, bonds, securities, etc.
  5. Specific Devises—i.e., specified items of personal property, real property, etc.

Non-probate property—i.e., life insurance policies—do not abate.

Definitions

A specific devise, is a specific gift in a will to a specific person other than an amount of money. For example, if James's will states that he is leaving his $500,000 yacht to his brother Mike, the yacht would be a specific devise.

A general devise, is a monetary gift to a specific person to be satisfied out of the overall estate. For example, if James's will states that he is leaving $500,000 to his son Sam then the money would be a general devise.

A demonstrative devise, is money given from a particular account. For example, "$10,000 to be paid from the sale of my GM stock."

A residual devise is one left to a devisee after all specific and general devices have been made. For example, James's will might say: "I give all the rest, residue and remainder of my estate to my daughter Lilly." Lilly would be the residual devisee and entitled to James's residuary estate.

References

  1. ^ a b  One or more of the preceding sentences incorporates text from a publication now in the public domain: Chisholm, Hugh, ed. (1911). "Abatement". Encyclopædia Britannica. Vol. 1 (11th ed.). Cambridge University Press. p. 7.
  2. ^ Wharton, John (1916). Wharton's Law Lexicon. Boston, Massachusetts: Stevens & Sons, Ltd. p. 2. Retrieved 23 March 2018 – via Google Books.

Read other articles:

Yoon Hae-young

Dalam nama Korean ini, nama keluarganya adalah Yoon. Yoon Hae-youngLahir5 Januari 1972 (umur 52)Seoul, Korea SelatanPendidikanDigital Seoul Culture Arts University - Beauty Arts Universitas Kyonggi - Multimedia and ActingPekerjaanAktrisTahun aktif1993-sekarangAgenHappy ActorsSuami/istri(1998-2005; cerai) (m. 2011)[1] Nama KoreaHangul윤해영 Alih AksaraYun Hae-yeongMcCune–ReischauerYun Hae-yŏng Yoon Hae-young (lahir 5 Januari 1972)[2] adalah aktris Korea Selatan....

 

Birender Singh Dhanoa

MarsekalBirender Singh DhanoaPVSM, AVSM, YSM, VM, ADC Ketua Komite Kepala Staf ke-56Masa jabatan31 Mei 2019 – 27 September 2019PresidenRam Nath KovindPerdana MenteriNarendra Modi PendahuluSunil LanbaPenggantiBipin RawatKepala Staf Udara ke-25Masa jabatan31 Desember 2016 – 30 September 2019PresidenPranab MukherjeeRam Nath KovindPerdana MenteriNarendra Modi PendahuluArup RahaPenggantiRakesh Kumar Singh BhadauriaWakil Kepala Staf Udara ke-40Masa jabatan31 Mei 2015 –&...

 

Maria Tallchief

American ballerina Maria Tallchief𐓏𐒰𐓐𐒿𐒷-𐓍𐓂͘𐓄𐒰Tallchief in 1961BornElizabeth Marie Tall Chief(1925-01-24)January 24, 1925Fairfax, Oklahoma, U.S.DiedApril 11, 2013(2013-04-11) (aged 88)Chicago, Illinois, U.S.OccupationPrima ballerinaYears active1942–1966Height5 ft 9 in (1.75 m)[1]Spouses George Balanchine ​ ​(m. 1946; ann. 1952)​ Elmourza Natirboff ​ ​(m. 1952&...

Lowland copperhead

Highly venomous snake native to southeastern Australia including Tasmania Lowland copperhead lowland copperhead, Mullawallah Wetland Conservation status Least Concern  (IUCN 3.1)[1] Scientific classification Domain: Eukaryota Kingdom: Animalia Phylum: Chordata Class: Reptilia Order: Squamata Suborder: Serpentes Family: Elapidae Genus: Austrelaps Species: A. superbus Binomial name Austrelaps superbus(Günther, 1858) Synonyms[2] Hoplocephalus superbus Günther, 1858Den...

 

Monokok

Monokok Deperdussin dengan konstruksi kerangka kayu Monokok adalah sebuah pendekatan struktural yang mendistribusikan beban pada kulit luar objek, seperti halnya cangkang telur. Teknik ini dapat juga disebut kulit struktural. Istilah ini berasal dari bahasa Prancis, monocoque yang berarti kulit keras tunggal atau rangka tunggal (dari badan kapal).[1] Semimonokok Beberapa struktur memiliki subkomponen yang monokok, tetapi merupakan bagian dari sebuah struktur rangka komposit. Ini merup...

 

Foreign aid to China

Overview of aidThis article is about aid to the People's Republic of China. For the Republic of China, see Foreign aid to Taiwan. This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) Parts of this article (those related to the main para re dates and amt of payments after 2011) need to be updated. Please help update this article to reflect recent events or newly available information. (June 202...

Matt Dillon

Matt DillonDillon di 2010 FICGLahirMatthew Raymond Dillon18 Februari 1964 (umur 60)New Rochelle, New York, A.S.PekerjaanAktor, sutradaraTahun aktif1979–sekarangKota asalMamaroneck, New York, A.S. Matthew Raymond Dillon (lahir 18 Februari 1964) adalah seorang aktor dan sutradara film Amerika. Dia membuat debut filmnya di Over the Edge (1979) dan membuktikan dirinya sebagai teen idol bydengan membintangi film My Bodyguard (1980), Little Darlings (1980), Tex (1982), Rumble Fish...

 

Malta national football team

This article or section appears to contradict itself on year of FIFA membership - in the body of the text, it is stated to be 1959, but under competitive record, it is claimed that Malta was not a FIFA member until 1970. Please see the talk page for more information. (August 2023) Men's association football team This article is about the men's team. For the women's team, see Malta women's national football team. MaltaNickname(s)Ħomor (Reds)AssociationMalta Football AssociationConfederat...

 

Breakfast at Tiffany's (novella)

1958 novella by American author Truman Capote Breakfast at Tiffany's First edition coverAuthorTruman CapoteCountryUnited StatesLanguageEnglishPublisherRandom HousePublication dateOctober 28, 1958[1]Media typePrint (Hardback and paperback), e-book, audio-CDPages179OCLC964700Dewey Decimal813/.54 20LC ClassPS3505.A59 A6 1993 Breakfast at Tiffany's is a novella by Truman Capote published in 1958. In it, a contemporary writer recalls his early days in New York City, when he makes...

1130 in Ireland

List of events in the year 1130 ← 1129 1128 1127 1126 1125 1130 in Ireland → 1131 1132 1133 1134 1135 Centuries: 11th 12th 13th 14th Decades: 1110s 1120s 1130s 1140s 1150s See also:Other events of 1130 List of years in Ireland Events from the year 1130 in Ireland. Incumbents High King: Toirdelbach Ua Conchobair Events This section is empty. You can help by adding to it. (July 2010) Births Richard de Clare, 2nd Earl of Pembroke (a.k.a. Strongbow), who led the Norman invasion of Ir...

 

Chromoendoscopy

Chromoendoscopy using Lugol's iodine in the esophagus. The image on the left uses regular white light endoscopy. The image on the right stains with Lugol's iodine, and identifies a squamous cell carcinoma, which does not pick up the stain. Chromoendoscopy is a medical procedure wherein dyes (often the same stains used in histology) are instilled into the gastrointestinal tract at the time of visualization with fibre-optic endoscopy. The purposes of chromoendoscopy is chiefly enhance the chara...

 

中国铁路南昌局集团

中国铁路南昌局集团有限公司[1]中华人民共和国铁路路徽位于南昌市站前路7号的中国铁路南昌局集团有限公司总部商业名称南昌铁路、南铁其他名稱南局、南昌局曾用名南昌铁路局公司類型国有独资企业机构代码91360000014504031B （查）公司前身南昌铁路管理局（1958年1月-10月）南昌铁路局（1965年-1984年）南昌铁路局（1996年-2017年）成立2017年代表人物董事长：王培总经理�...

Emigration from the Eastern Bloc

Movements of people during the Cold War Emigration from the Eastern BlocPart of the Cold WarKonrad Schumann leaping over barbed wire into West Berlin on August 15, 1961, three days after construction began on the Berlin Wall[1]Date1945–1992ParticipantsDefectors from the Eastern BlocOutcome Brain drain in the Eastern Bloc Implementation of border restrictions Construction of the Berlin Wall Eastern Bloc Republics of the USSR Armenia Azerbaijan Byelorussia Estonia Georgia Kazakhstan K...

 

Pulitzer Prize for Poetry

American award for distinguished poetry Pulitzer Prize Joseph Pulitzer Columbia University Pulitzers by year Winners Multi-award winners Special Citations and Awards Journalism Public Service Reporting International National Breaking News Investigative Local Explanatory Audio Writing Editorial Feature Photography Feature Breaking News Other Commentary Criticism Illustrated Reporting and Commentary Former Reporting Correspondence Photography Beat Reporting Letters Drama Music Biography Memoir...

 

Indegene

Indian multinational company This lead contains content that is written like an advertisement. Please help improve it by removing promotional content and inappropriate external links, and by adding encyclopedic content written from a neutral point of view. (August 2021) (Learn how and when to remove this message) Indegene LimitedFormerlyIndegene Lifesystems Private Limited (1998–2016) Indegene Private Limited (2016–2022)Company typePublicTraded asNSE: INDGNBSE: 544172IndustryPha...

The Eternal Jew (film)

Der ewige Jude(Yahudi Abadi)SutradaraFritz HipplerDitulis olehEberhard TaubertNaratorHarry GiesePenata musikFranz R. FriedlSinematografer Albert Endrejat Anton Hafner Robert Hartmann Friedrich Carl Heere Heinz Kluth Erich Stoll Heinz Winterfeld Svend Noldan (tak disebutkan) Penyunting Hans Dieter Schiller Albert Baumeister PerusahaanproduksiDeutsche Filmherstellungs- und Verwertungs- GmbH (DFG)[1]DistributorTerra FilmTanggal rilis 28 November 1940 (1940-11-28) Durasi65 meni...

 

Chicago

Pour les articles homonymes, voir Chicago (homonymie). Chicago Sceau de Chicago Drapeau de Chicago Panorama de Downtown Chicago, le Chicago Theatre, la jetée Navy, la Willis Tower, le pavillon Jay Pritzker, une rame du métro de Chicago et le musée Field. Administration Pays États-Unis État Illinois Comtés Cook et DuPage Type de localité City Maire Mandat Brandon Johnson (D) depuis 2023 Code FIPS 17-14000 GNIS 0428803 Indicatif(s) téléphonique(s) local (locaux) 312/773 Démographie G...

 

My Dear Donovan

My Dear DonovanThaiโดโนวาน...ที่รัก GenreRomansaPembuatGMMTVGmo FilmsPemeranIshikawa PlowdenTipnaree WeerawatnodomNegara asalThailandBahasa asliThaiProduksiRumah produksiGMMTVRilis asliJaringanGMM 25Rilis10 Agustus –29 September 2022 My Dear Donovan adalah sebuah seri drama Thailand tahun 2022 garapan Golf Sakon. Seri tersebut menampilkan Namtan Tipnaree Weerawatnodom dan Luke Ishikawa Plowden sebagai pemeran utama.[1] Sinopsis Seri tersebut mencerita...

Riz doré

Si ce bandeau n'est plus pertinent, retirez-le. Cliquez ici pour en savoir plus. Cet article ne cite pas suffisamment ses sources (juin 2014). Si vous disposez d'ouvrages ou d'articles de référence ou si vous connaissez des sites web de qualité traitant du thème abordé ici, merci de compléter l'article en donnant les références utiles à sa vérifiabilité et en les liant à la section « Notes et références ». En pratique : Quelles sources sont attendues ? Comm...

 

Negative Dialektik

Erstausgabe der Negativen Dialektik im Frankfurter Adorno-Denkmal Negative Dialektik ist der Titel eines 1966 erschienenen Werks des Philosophen Theodor W. Adorno. Zugleich ist negative Dialektik ein Synonym für die adornosche Philosophie, als deren Programm sie begriffen werden kann. Adorno betrachtete die Negative Dialektik als Hauptwerk seines Schaffens, mit dem er an das in den 1930er Jahren gemeinsam mit Max Horkheimer entwickelte Projekt einer „dialektischen Logik“ anknüpft. Nach ...