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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 ]
When mapping out your estate plan, you may come across the term “residuary estate.” In simple terms, a residuary estate is any part of your estate that hasn’t been distributed to your heirs ...
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.
Residue (law), portion of the testator's estate that is not specifically devised to someone in the will Residual value , one of the constituents of a leasing calculus which describes the future value of a good in terms of absolute value
The descendant or descendants inherit the residue (if any) of the intestate estate. Where the assets of the deceased are not sufficient to provide for each spouse with the amount fixed by the Minister, the estate is divided between the surviving spouses.
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
Estate planning when you have a small or moderately sized estate is complex enough. But it can become even more complicated with a larger estate. With more assets, the more likely you are to face ...
A special power of appointment allows the recipient to distribute the designated property among a specified group or class of people, not including donee, donee's estate, creditors of donee, or creditors of donee's estate. [2] For example, a testator might grant his brother the special power to distribute property among the testator's three ...