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It is also known as a residual estate or simply residue. The will may identify the taker of the residuary estate through a residuary clause or residuary bequest. The person identified in such a clause is called the residuary taker, residuary beneficiary, residuary legatee, or residuary devisee. [2]
First, your residual beneficiary will inherit if you have one. A residual beneficiary is the person or persons you named to inherit any unclaimed assets in your will.
Continue reading → The post Residuary Estate Definition and Example appeared first on SmartAsset Blog. When mapping out your estate plan, you may come across the term "residuary estate." In ...
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.
In practical terms testamentary trusts tend to be driven more by the needs of the beneficiaries (particularly infant beneficiaries) than by tax considerations, which are the usual considerations in inter vivos trusts. If a testamentary trust fails, the property usually will be held on resulting trusts for the testator's residuary estate.
While you’re alive, you can be the sole beneficiary, or you can name yourself and a co-beneficiary (like a spouse or partner). You’ll name residuary beneficiaries, who inherit the assets in ...
A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will.
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...