ABATEMENT OF BEQUEST Meaning and
Definition
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Abatement of bequest refers to a legal term in inheritance law that signifies the reduction or decrease in the amount or value of a bequest or legacy when the estate cannot fulfill the full terms of the will or testament. This situation commonly arises when the assets or property of the estate are insufficient to cover all the bequests stated in the will. In such cases, the bequests are proportionally reduced or abated to ensure fairness and equal treatment among all beneficiaries.
The abatement of bequest typically follows a pre-determined hierarchy established by law. This hierarchy determines the order in which bequests are abated or reduced. The priority for abatement usually begins with general legacies, which are bequests of a specific sum of money, followed by demonstrative legacies, which are bequests that are designated from a particular source of funds. Finally, specific legacies, which are bequests of a particular item or property, are at the bottom of the abatement hierarchy.
The purpose of abatement of bequest is to ensure that each beneficiary still receives a proportionate distribution from the estate, even if it does not match the exact terms stated in the will. This legal concept facilitates the fair distribution of assets when the estate's value is insufficient to satisfy all bequests. It is important for individuals creating a will to consider the possibility of abatement and consult with legal professionals to ensure that their testamentary wishes can be carried out effectively to avoid complications or disputes among beneficiaries.
