Business Terms and Jargon Explained
What is adeem
This is where a gift is made in a Last will and testament and is revoke or taken away within the lifetime of the testator. This may be unintentional, but the result is the same.
e.g. A father leaves his son his Jaguar E-Type in his will. Before the father passes away the car is involved in an accident and with the insurance money he buys a Lotus ES300.
As the jaguar no longer exists it cannot be passed on to the son when the father passes away if the gift is worded as a Jaguar E-Type. But if the will mentioned that the son will get the latest automobile the farther owned then he will inherit the Lotus ES300 car.
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Term created / updated 2014-03-18 16:53:31
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