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Exoneration

Exoneration. Issue. Specific gift is subject to debt, lien, etc. Does B : Get debt paid off (exonerated )? Take gift subject to debt (only receive equity)?. If will executed before 9/1/2005. Exoneration presumed. If will executed on or after 9/1/2005. Exoneration not presumed. § 71A

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Exoneration

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  1. Exoneration

  2. Issue • Specific gift is subject to debt, lien, etc. • Does B: • Get debt paid off (exonerated)? • Take gift subject to debt (onlyreceive equity)?

  3. If will executed before 9/1/2005 • Exoneration presumed.

  4. If will executed on or after 9/1/2005 • Exoneration not presumed. § 71A • Generic “payment of debts” provision will not trigger exoneration.

  5. Currie v. Scott – p. 147 • Cannot exonerate debt on one specific gift from another specific gift unless will provides otherwise.

  6. Advice • If client makes specific gifts, determine client’s intent regarding exoneration and include instructions in the will.

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