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 ?
Finally, the Fifth Circuit stated that a Texas probate court settlement is wholly valid and binding under Texas law: "Texas law control[s] the extent to which the administrative expenses are charged to the residuary estate .
In addition, the decedent's children concurrently filed a disclaimer of any interest in the income or principal of the residuary estate during the remaining life of the surviving spouse.
The representative testified that she went to the decedent's room and took handwritten notes of the decedent's statements about the change in beneficiaries and that the decedent wanted to leave a bequest to her physician's grandson, and her residuary estate to the State of Israel, to be used for social service programs.
A tax clause contained in a will generally "charges the estate's tax burden to the residuary estate or apportions the tax burden among the estate beneficiaries in proportion to their share of the estate tax liability," Sharp explained.
This is known as a legacy, and will not form part of your residuary estate ensuring that the tradition continues.
A gift of a percentage of the residuary estate can be exemplified by, "I direct 30% of my estate assets to the American Lung Association.
A few states would charge the death taxes to the residuary estate.
The cash would form part of the residuary estate and pass to those who would have received the estate after the payments of specific bequests.
When Averell Harriman died in 1986 his widow received nearly $37 million directly, as well as half a residuary estate of $24 million plus property, making her worth about $115 million.
Presumably, the latter decision will be used only if the same beneficiaries will be receiving both the gifted assets and the residuary estate assets.
Under this method the residuary estate is typically given outright to the surviving spouse, who retains the right to disclaim any portion of it to a disclaimer trust (which functions as the credit shelter trust).
This is known as a legacy, and will not formpart of your residuary estate ensuring that the tradition continues.