residuary


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Related to residuary: Residuary legatee

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 ?
EXHIBIT THE EFFECT OF APPORTIONMENT ON TAXES PAID Residuary estate pays entire estate tax Residuary IRD estate beneficiary IRD account $1,000,000 Other assets net of liabilities $1,000,000 Estate tax $435,000 Net to beneficiary $565,000 $1,000,000 Beneficiary pays estate tax allocated to IRA Residuary IRD estate beneficiary IRD account $1,000,000 Other assets net of liabilities $1,000,000 Estate tax $217,500 $217,500 Net to beneficiary $782,500 $782,500
Daughter as the residuary beneficiary) be responsible for the property tax bill?
For example, if the decedent had 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.
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.
Given the administrative expenses and the taxes and the consequences of the choices of the children, there will not be a residuary to create the C&J Foundation,'' said Jennifer Farina, a spokesman for Attorney General Dennis Vacco.
If the remainderman has no surviving descendants, the remainder fails, and on the life tenant's death the property passes to the testator's residuary devisees or to the settlor's heirs.
Chandrashekhar Rao was hesitant to occupy the massive CM's camp office at Begumpet believing that it was inauspicious and not in accordance with Vstu Shastra, Chief Minister-designate of residuary state of Andhra Pradesh N.
He has further said that Andhra Bank will also open a local headquarters in the residuary state of Andhra Pradesh in case it becomes necessary.
Article 324 of the Constitution is a reservoir of residuary jurisdiction.
Jaganmohan Reddy in residuary Andhra Pradesh, has made emergency calls to BJP leaders to salvage the alliance before it spins out of control.