Definition of Abatement of debts and legacies

In the case of legacies when the funds or assets out of which they are payable are not sufficient to pay them in full, the legacies abate in proportion, unless there is a priority given specially to any particular legacy. Annuities are also subject to the same rule as general legacies.

The order of abatement usually goes as follows:

1. Intestate property (property not disposed of in the will itself) will abate first
2. The residuary estate will abate next
3. General devises (gifts of cash) will abate next
4. Demonstrative devises (gifts of stock, or orders to sell property and give the proceeds to the beneficiary) will abate next
5. Specific divises (gifts of tangible property) will abate last