What is meant by 'ademption' in legal terms?

Ademption refers specifically to the situation in which a gift specified in a will is no longer available at the time of the testator's death. In this context, if a specific asset intended to be given as a gift is no longer in the estate—perhaps because it was sold, destroyed, or given away during the testator's lifetime—the gift is considered adeemed. As a result, the beneficiary does not receive a substitute gift nor the value of the original gift, which is a key characteristic of ademption.

This concept is crucial in estate planning and the execution of wills because it directly affects how the distribution of assets will occur according to the deceased's intentions. Understanding ademption is essential for legal professionals involved in probate and estate administration, as it impacts the rights of heirs and beneficiaries significantly.