A specific gift can fail for “ademption”. If the subject matter of the gift cannot be found amongst the estate assets on the testator’s death the beneficiary takes nothing. He is not entitled to chase the proceeds of the sale or transfer of the gift to another person. A specific gift does not however adeem where the subject matter of the gift has only changed its name not its substance. For example a gift of shares in a company and the change in the name of a company.