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DEVISES, ABATEMENT, CLAIMS (Satisfaction of Claims (Class 4
Reas/Necc…
DEVISES, ABATEMENT, CLAIMS
Devises
Demonstrative
"$1k to my wife from BB&T"
*If insufficient, GENERAL LEG
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Residuary Gift
"Rest, res,& rem to my wife"
Abatement
- If not directed in will, abate in "devise" order
- Equally and ratably w/o preference
- Surviving spouse abate last in any class
- Homestead exempted
Order of Abate
1) Intestacy
2) Will Residuary
3) Trust Residuary
4) All General, pro rata
5) All Dem/Spec, pro rata
Ademption (Fail)
*Specific ONLY
- Stocks adeem if specific, if not, PR uses funds to buy amount devised
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Satisfaction of Claims
Class 4
- Reas/Necc Med expenses of last 60 days of last illness
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Class 3
- Debts/taxes, Medicaid, State fees/fines
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Class 2
- Funeral & marker $6k or less
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Class 7
- Business debts after death
Class 8
- All other claims including remainder of Class 2 & 4