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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 ]
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.
A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his or her estate at the time of his or her death shall be distributed to the Trustee of the trust. [1]
Pesticide residue, refers to the pesticides that may remain on or in food after they are applied to food crops; Petroleum residue, the heavier fractions of crude oil that fail to vaporize in an oil refinery; Residue (chemistry), materials remaining after a physical separation process, or by-products of a chemical reaction
This is an accepted version of this page This is the latest accepted revision, reviewed on 19 January 2025. Legal declaration where a person distributes property at death "Last Will" redirects here. For the film, see Last Will (film). This article possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of ...
Abatement of debts and legacies is a common law doctrine of wills that holds that when the equitable assets of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a dividend.
Issue typically means a person's lineal descendants—all genetic descendants of a person, regardless of degree. [1] Issue is a narrower category than heirs, which includes spouses, and collaterals (siblings, cousins, aunts, and uncles). [2]
Residual values are contractually dealt with either in terms of closed or open contracts. In accounting, residual value is another name for salvage value, the remaining value of an asset after it has been fully depreciated, or after deteriorating beyond further use.
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