Michigan Laws 700.2608 – Ademption by satisfaction
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(1) Property a testator gave in his or her lifetime to a person is treated as a satisfaction of a devise in whole or in part only if any of the following are true:
(a) The will provides for a deduction of the gift.
Terms Used In Michigan Laws 700.2608
- Devise: includes , but is not limited to, an alternative devise, a devise in the form of a class gift, and an exercise of a power of appointment. See Michigan Laws 700.2601
- Devise: To gift property by will.
- Devisee: includes , but is not limited to, the following:
(i) A class member if the devise is in the form of a class gift. See Michigan Laws 700.2601Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Person: means an individual or an organization. See Michigan Laws 700.1106 Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106 Survive: means that an individual neither predeceases an event, including the death of another individual, nor is considered to predecease an event under section 2104 or 2702. See Michigan Laws 700.1107 Testator: includes the donee of a power of appointment if the power is exercised in the testator's will. See Michigan Laws 700.2601 Testator: A male person who leaves a will at death.
(b) The testator declared in a contemporaneous writing that the gift is in satisfaction of the devise or that its value is to be deducted from the value of the devise.
(c) The devisee acknowledges in writing that the gift is in satisfaction of the devise or that its value is to be deducted from the value of the devise.
(2) For purposes of partial satisfaction, property given during the testator’s lifetime is valued as of the time the devisee came into possession or enjoyment of the property or at the testator’s death, whichever occurs first.
(3) If the devisee fails to survive the testator, the gift is treated as a full or partial satisfaction of the devise, as appropriate, in applying section 2603 and 2604, unless the testator’s contemporaneous writing provides otherwise.