Ad
related to: residuary beneficiary of an estateuslegalforms.com has been visited by 100K+ users in the past month
Search results
Results from the WOW.Com Content Network
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).
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.
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 ...
Trail of Estate. In many states, the assets will become part of the deceased beneficiary’s estate. This is based on what are called “anti-lapse” laws, meaning laws that specifically address ...
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 ...
Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy. Probate – legal process of settling the estate of a deceased person. 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.
In this case the court will make the grant to the person, usually the residuary legatee, with the largest beneficial interest in the estate. Administration de bonis non administratis occurs in two cases: Where the executor dies intestate after probate without having completely administered the estate; Where an administrator dies.
Depending upon local custom, legatees may be called "devisees". Traditionally, "legatees" took personal property under will and "devisees" took land under will.
Ad
related to: residuary beneficiary of an estateuslegalforms.com has been visited by 100K+ users in the past month