ABATEMENT OF LEGACIES Meaning and
Definition
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Abatement of legacies is a legal term that refers to the reduction or elimination of a specific gift or bequest made by a person in their last will and testament. This reduction or elimination occurs when the estate's assets are insufficient to fulfill all the bequests or claims against the estate.
When someone passes away, their estate may be subject to various debts, taxes, and expenses. If the value of the estate is not enough to cover these obligations, abatement occurs to fairly distribute the remaining assets among the beneficiaries. The abatement process involves reducing or revoking certain legacies to ensure that all debts and expenses are paid first.
The priority of abatement is typically determined by specific rules laid out by local laws or the deceased's will. Generally, the order of abatement starts with the gifts that the deceased made that are not specifically allocated to a particular beneficiary or purpose. After these “general legacies” are used up or reduced, the abatement continues with specific legacies that were intended for designated individuals or entities.
The process of abatement seeks to ensure that every beneficiary receives a fair share of the remaining estate, even if it means reducing or eliminating certain legacies. It is important to note that abatement can be complex and may require court involvement, especially if there are disputes among the beneficiaries regarding the priority or allocation of abatement.
Overall, the abatement of legacies is a legal mechanism used to adjust the distribution of assets in an estate when the value of the estate is insufficient to fully satisfy all claims and legacies.
