Residue In Estate
Description
How to fill out Testamentary Trust Of The Residue Of An Estate For The Benefit Of A Wife With The Trust To Continue For Benefit Of Children After The Death Of The Wife?
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FAQ
Also referred to as estate residue or residual estate, it simply means assets that are left over once your will has been read, assets have been distributed to your heirs and any final expenses have been paid. Proper estate planning can help you avoid leaving residual assets behind.
A typical residuary clause says: I leave all the rest and residue of my property, both real and personal, of whatever nature and wherever situated, assets, including all real and personal property, tangible or intangible, to: _______________.
Example of residuary estate The residuary estate is the remaining assets after you've settled everything else in your will. So, when the executor has given away everything away or disposed of it for other purposes. In this case, it would be the house and its contents.
EXAMPLE: In her will, Sara, a widow, leaves many different items to many different beneficiaries: books to her daughter, jewelry to a friend, a car to her nephew and so on. She doesn't name alternate beneficiaries for these specific bequests, but she names her daughter as residuary beneficiary.
A residuary estate is the portion of a person's assets that are left over after paying off their estate's debts, taxes and expenses and after distributing any specific gifts of property or money. People often put instructions in their wills about what to do with their residuary estates.