residuary estate

residuary estate
residuary estate see estate 3a

Merriam-Webster’s Dictionary of Law. . 1996.

residuary estate
The property that remains in a deceased person's estate after all specific gifts are made, and all debts, taxes, administrative fees, probate costs, and court costs are paid. The residuary estate also includes any specific gifts under a will that fail or lapse. For example, Connie's will leaves her house and all its furnishings to Andrew, her VW bug to her friend Carl, and the remainder of her property (the residuary estate) to her sister Sara. She doesnt name any alternate beneficiaries. Carl dies before Connie. The VW bug becomes part of the residuary estate and passes to Sara, along with all of Connie's property other than the house and furnishings. Also called the residual estate or residue.
Category: Wills, Trusts & Estates → Wills

Nolo’s Plain-English Law Dictionary. . 2009.

residuary estate
England, Wales
The rest of a deceased person's estate, which is left after the payment of specific gifts, debts, funeral expenses and inheritance tax.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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Look at other dictionaries:

  • Residuary estate — A residuary estate, in the law of wills, is any portion of the testator s estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. It is also known as a residual estate or… …   Wikipedia

  • residuary estate — That which remains after debts and expenses of administration, legacies, and devises have been satisfied. That portion of person s estate which has not otherwise been particularly devised or bequeathed. It consists of all that has not been… …   Black's law dictionary

  • residuary estate — That part of an estate of a testate decedent which remains after discharging all legal and testamentary claims of the estate or, in other words, that which is left after the payment of charges, debts, and particular legacies and devises. 57 Am… …   Ballentine's law dictionary

  • residuary estate — remainder of an estate, balance of an estate (usually the majority that remains after dividing properties as stated and payment of debts, expenses and taxes) …   English contemporary dictionary

  • residuary estate — noun Any portion of the testators estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails (for example, due to the death of the intended beneficiary preceding that of the… …   Wiktionary

  • residuary estate — /rəzɪdʒuəri əˈsteɪt/ (say ruhzijoohuhree uh stayt) noun Law that which remains of a testator s or intestate s estate when all liabilities have been discharged. Also, residue …  

  • residuary estate — noun : the residue of a testator s estate …   Useful english dictionary

  • estate — es·tate /i stāt/ n [Anglo French estat, literally, state, condition, from Old French, from Latin status, from stare to stand] 1: the interest of a particular degree, nature, quality, or extent that one has in land or other property compare fee;… …   Law dictionary

  • residuary — re·sid·u·ary 1 /ri zi jə ˌwer ē/ adj: of, relating to, consisting of, or constituting a residue residuary 2 n pl ar·ies 1: residue 2 …   Law dictionary

  • residuary gift — A legacy or devise bequeathed by the residuary clause of a will. A legacy or devise of the residuary estate or of a part of the residuary estate. 57 Am J1st Wills § 1415. See residuary clause; residuary estate …   Ballentine's law dictionary

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