Montana 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
A testamentary trust is created within a will and comes into existence upon the death of the testator. The trust will only be activated if the will is validated through the probate process. In the case of a Montana 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, the trust's assets are managed according to the will's specifications. This ensures that the interests of your wife and children are protected even after your passing.
Put, a residuary clause says who gets any assets, or the sale proceeds, not. specifically gifted elsewhere within the will or trust. Thus, a residuary clause is a catch all. provision that allows a testator (of a will) or a settlor (of a trust) to. ensure that all his or her assets pass as he or she wishes.
As the name implies, a residuary clause is a provision in a will that passes the residue of an estate to designated beneficiaries. Consider it a safety net that catches all your possessions that aren't covered by specific gifts.
Residuary estate is a probate term that refers to the assets in a deceased person's estate after all gifts are bequeathed and debts, taxes, administrative costs, probate fees and court costs are paid.
The clause will name the residuary beneficiary who is also sometimes known as a remainder beneficiary. For example, "I give my car to my niece, my rental property to my son, and the residue of my estate to my wife," or ".... I give the remainder of my estate, including any personal and real property, to my wife."
A residuary clause in a will sets out who will inherit the remainder of the deceased's assets once any debts, funeral expenses, inheritance tax and legacies have been paid, and any items specifically bequeathed have been distributed to the appropriate beneficiaries.
The residue of an estate (sometimes called all the rest, residue, and remainder of an estate) is the aggregate of all of the probate assets of the estate which have not otherwise been paid toward debts, expenses, or taxes of the estate, or given away in the testator's will via specific gifts, demonstrative gifts, or
A residuary beneficiary receives the residue of an estate or trust that is, all of the property that's left after specific gifts are distributed.
Primary tabsA residuary beneficiary is a person who receives any property from a will or trust that is not specifically left to another designated beneficiary. The property received by the residuary beneficiary from a will is referred to as the residuary bequest.
Residuary estate is a probate term that refers to the assets in a deceased person's estate after all gifts are bequeathed and debts, taxes, administrative costs, probate fees and court costs are paid.