Should courts ever substitute a new item, or the cash value of the original item, to replace a gifted item that has been sold or otherwise transferred or lost since the will was made? If I have 100 shares of Apple stock, and I leave that in my will to you, and then I sell that stock and buy shares of a mutual fund with the money, should you get the mutual fund shares instead? Why or why not? What if the mutual fund shares went way up in value? What if they went way down in value? What if I left "All shares of any mutual funds I own to UMass Lowell"? Who gets the shares I bought with the money from the Apple stock then?

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Ademption Ademption occurs when a specific bequest in a will is no longer in the testators estate at ... View the full answer