What happens if there are not enough assets to cover a specific gift in a will?

This situation is dealt with through rules about the order in which gifts abate, meaning are reduced, when an estate's assets are insufficient to satisfy every gift in a will after debts, taxes and administration costs are paid. Generally, specific gifts of particular named assets, such as the house left to your sibling, are paid first if there is a clear intention that the beneficiary receive that exact item, while general gifts of a stated sum of money, sometimes called pecuniary legacies, usually abate proportionally among themselves if there is a shortfall, unless the will states an order of priority or that particular gifts should be paid before others. The executor must carefully work through the will's wording and the available assets, and if the position is unclear or beneficiaries disagree, the executor can seek directions from the High Court. Get advice from a lawyer experienced in estate administration, since the outcome depends heavily on the exact wording used in the will.