What is meant by "ademption" in the context of wills?

Ademption refers to the situation that occurs when a specific bequest outlined in a will cannot be fulfilled because the property that was intended to be given no longer exists in the testator's estate at the time of death. This concept essentially means that if the asset has been sold, given away, or otherwise disposed of, the intended beneficiary will not receive anything in its place. The law views the specific bequest as having failed (or 'adeemed'), thereby negating the beneficiary's expectations based on the will.

The other options signify different legal concepts and do not pertain to ademption. For example, the increase in value of a bequest is related to asset appreciation and does not impact the status of the bequest itself. Similarly, revising a will after the testator's death is not possible as a will is only valid if executed by the testator while living. Lastly, transferring property to a beneficiary during the testator's lifetime could imply making a gift, which does not relate to the failure of a bequest due to the property being absent at death. Thus, the definition that correctly encapsulates ademption is the one indicating the failure of a bequest because the property is no longer in the estate at the time of the