residuary

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residuary

Everything not specifically mentioned in a will.After all named and described gifts have been made, whatever is left is in the residuary. If the will makes no provision for the residuary, that portion of the estate will pass by intestate succession.

References in periodicals archive ?
Since the terms of the will were that the taxes were to be paid from the residuary estate, "the residuary beneficiaries (his wife and kids) bore responsibility for payment of taxes attributable to the property that passed to the companion," said Sharp.
Depending on the will or trust document, the payment of estate taxes may be payable from the assets donated to charity or may be payable from the decedent's residuary estate.
If my daughter, Larrissa Grieg, does not survive me, this devise shall lapse and such real estate shall become part of my residuary estate.
This is not an exact calculation of estate taxes; the purpose of the example is to show the effect of apportionment on the residuary estate paying the estate tax.
The court held that Florence had a transmissible future interest regarding half of her father's residuary estate, which passed under her residuary clause in trust for her husband.
Due to the lack of a residuary beneficiary in the decedent's will, his son filed a claim in the probate proceedings that the decedent's residuary estate fell into intestacy.
The seventh circuit made two important holdings in Lurie: (1) the language in the "pour-over" will that effectively incorporated the revocable trust by reference governed the payment of estate taxes that exceeded the residuary estate and (2) even without such language in the will, it is proper under Illinois law to consider both the will and revocable trust agreement to determine the decedent's intent about payment of estate taxes.
The trust instrument provides that upon receiving the insurance proceeds from the insurance company and the residuary estate property from the pourover will provisions, the total principal will then be divided into two (or three) parts: a portion will go to the marital or "A" trust, a portion to the family or "B" trust, and if appropriate, a portion will go to the QTIP trust, which latter will qualify for the marital deduction but be distributed at the survivor's death as provided by the grantor in the trust instrument (e.
Example: A's will leaves certain assets to his surviving spouse, B, and his residuary estate equally to his two children, C and D.
Thus, if there is no available unified credit at the decedent's death and the residuary estate passes to or for the benefit of a surviving spouse, all administration expenses must be taken on the 706 even though there is no tax benefit.
If the decedent wanted to provide for his sister if she left the order, the will could have stated: "In the event that my sister is no longer subject to a vow of poverty at my death, I give her my residuary estate, but if she is subject to such a vow, I give my residuary estate to the order.
2d 272(1988)~ involved a classic situation: the residuary estate was devised to one QTIP trust.