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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
RESIDUARY ESTATE: Your residuary estate is whatever property remains after paying debts and expenses of administration, and any specific bequests.
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.
For example, the will could state, "I direct all taxes to be paid from the residuary estate." Or, "I direct all taxes to be paid proportionately from each beneficiary."
(7) Does the will make so many specific bequests of cash that the residuary estate doesn't have enough left to pay estate taxes?
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.
The court further noted that the decedent's attorney had acknowledged committing a scrivener's error in drafting the decedent's will admitted to probate, specifically noting that he failed to include a provision concerning the residuary estate. Citing prior precedent, state law, and the abundant evidence that the decedent intended for the charitable trust to receive the residue of his estate and that the settlement agreement was the settlement of a bona fide dispute between the decedent's son and the charitable trust, the court ruled that the decedent's estate was entitled to a deduction under Sec.
In Estate of Williams, the third district held that when a decedent's will provides for estate taxes to be paid from the residuary estate and waives apportionment against other assets, but the residuary estate is insufficient to pay the taxes, the waiver of apportionment is ineffective with respect to the deficit.
The grantor's will contains a provision to the effect that the grantor's residuary estate, what is left after payments of debts, expenses, taxes and specific bequests, is to be "poured over" into the living trust.
In general, the allocation of the estate tax will be to either the beneficiaries of the charitable remainder trust or to the residuary estate. This would be determined by the tax apportionment provisions in the decedent's will or, if the will is silent on this point, by state law.
T bequeaths his residuary estate in trust "for A for life,
The settlement agreement divided the residuary estate into two parts: marital and charitable.