What does residuary estate mean?
Find answers to your legal question.
What does residuary estate mean?
 
|
SimonC
 |
This relates to the property that you leave in your will. It refers to all the property that has not been left to someone as a specific gift, including any gifts that fail for some reason.
For example, you have a house, a car and £50,000 in the bank when you die. In your will you leave:
My house to my sister.
My car to Uncle Fred.
£10,000 to my son Tom.
This leaves £40,000 which would be the residuary. If Uncle Fred had already died that gift would fail. In this case the car would also be part of the residuary.
It is good will writing practice to include a gift of the residuary to ensure that your will gets rid of everything. EG, I leave the residuary to second cousin Jane. |
|
Leafy Tree
 |
Definition:
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesn’t name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue. |
|
|
|
|
|
 How to proceed against a collection agency disobeying the law? |
| I have been receiving phone calls from a collection agency over the past few months, before it was once or twice a week, and after I told them they had the wrong person I just ignored the calls. Now ... |
|
 Can someone threaten to call social services on someone if there is no reason? |
| Hi my name is Marissa and I am 14yrs old i just want whats best for my sister and nephew. My sister is currently in a shelter and is 9 months pregnant her baby will be here april 27th, she was going ... |
|
 How can America be a super power if it filed for bankruptcy back in 1933? |
Back in June 5 of 1933 America filed for bankruptcy and took loans out from the federal reserve. How can it be a super power then? America is bakrupt
Additional Details
The federal ... |
|
 How do bureaucracies know to act on contracts that are set hundreds of years in the future? |
| For example, some historical material cannot be released for public consumption for a couple of hundred years, and some contracts can expire or come into effect in THOUSANDS of years time? How do ... |
|
 Should I go to a non-aba law school? |
I have taken the LSAT and scored a 167 and have a GPA of 3.89. from CSU F talked with some advisers said I could probably get into a 1st tier law school. (and have for at least one)
But ... |
|
 How do I legally change my name in the state of Ohio? |
| I am 13 and I want to change my name, my parents said it was okay but I do not know how,I need more of a low budget, all I have is $50. I want to know what I need, what I will have to do and how long ... |
|
 Does water-boarding/torture have a place when interrogating a prisoner. Does it violate ur conscience? |
9/11 Plotter Waterboarded 183 TimesReuters
posted: 9 HOURS 25 MINUTES AGOcomments: 2014filed under: Al Qaida News, National News, Political NewsPrintShareText SizeAAA(April 19) - WASHINGTON - CIA... |
|
 Quick question about legal ages in Canada.? |
| To be quick - when I turn 18, what can my parents NOT legally do for me anymore? They change my school timetables, send me to co-op instead of school, make medical appointments, sign me up for sports ... |
|
 Is it legal for someone over the age of 21 to lend a handgun to someone older that 18 but less than 21? |
| Is this legal throughout the states? Or is this another case where individual state laws come into play?... |
|
 Do you have a LEGAL argument against gay marriage? |
| The US Supreme Court has held that Marriage is a fundamental right (Loving v. Virginia). If something is a fundamental right the court must apply strict scrutiny. Strict scrutiny requires that the ... |
|
 Is this violating Metacafe's money-making terms? |
| If I played a song backwards, does that mean its not the artists song anymore? (and therefore used in a video to make money off of Metacafe)... |
|
 I am on unpaid leave from work due to family issues - can I request a return to work on a new shift pattern? |
I work at the airport (duty free) and since November I have been on unpaid leave from work.
The reason for this is that my husband had been in the UK for several years (studying, working ... |
|
 Is it possible for a parent with no sole custody to bring their kids to another country? |
| I am divorced. Last weekend, my ex-husband brought my three kids to the U.S for one day without a letter of consent from me because I have the sole custody of my three kids. I am confused. Why were ... |
|
 Animals that are legal in Pennsylvania? |
| What animals other that cats and dogs....and other stuff like that are legal to have in Pennsylvania? I always wanted a chupcin (i think that's how its spelled) monkey. are they illegal in pa? I ... |
|
| Is it constitutional to censor the media? |
Would it violate any of the amendments to censor body image in the media?
And if you say that " it is perfectly legal to censor the media", what problems would be caused by this?<... |
|
 Is this job really worth it? |
| Im currently 19 and in college. I'm working mall security at the moment. The only problem is that their is really no protection in the security industry whatsoever. Their are no laws protecting ... |
|
|
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
