ademption

The failure of a bequest from a will because the property is no longer in the estate.  For example, if the decedent leaves "My car to my niece", but owns no car at the time of death.

What the beneficiary actually receives in these situations depends on the testator's(person who wrote the will) intent, the gift that failed, and state law. 

See  http://en.wikipedia.org/wiki/Ademption

 

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