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The person identified in such a clause is called the residuary taker, residuary beneficiary, residuary legatee, or residuary devisee. [2] Such a clause may state that, in the event that all other heirs predecease the testator , the estate would pass to a charity (that would, presumably, have remained in existence).
United States trust law is the body of law that regulates the legal instrument for holding wealth known as a trust.. Most of the law regulating the creation and administration of trusts in the United States is now statutory at the state level.
The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti-lapse statute, then that beneficiary's inheritance will return to the residuary estate, to be inherited by the other beneficiaries to whom the residue has been willed.
You’ll name residuary beneficiaries, who inherit the assets in the trust only after you die. ... As long as you’re the trustee, a trust’s contents are considered part of your assets if you ...
Palmer v Simmonds (1854) 2 Drew 221 is an English trusts law case, concerning the certainty of subject matter to create a trust. Its outcome may have become outdated by the more recent judgments in In re Roberts and Re Golay's Will Trusts .
Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees. Specific legacy (or specific bequest) – a testamentary gift of a precisely identifiable object.
Secondly, a half-secret trust ought to fail for uncertainty, being a trust with no terms, with a resulting trust to the residuary legatee. Under the rule of three uncertainties in private trust, half or fully secretly trust ought to fail because of lack of intentional element.
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