residuary bequest

residuary bequest

n. in a will, the gift of whatever is left (the residue) after specific gifts are given. It is also called a residuary legacy. (See: residue)

Mentioned in ?
References in periodicals archive ?
If IRD is transferred to an heir or trust in fulfillment of a pecuniary gift (a gift of a fixed dollar amount) as opposed to a fractional gift or a residuary bequest, the transfer is treated as a "sale" of the benefits, causing immediate realization of income to the funding trust (the transferor).
78) Intervening events that might render it relevant--such as invalidity of the residuary bequest because the residuary taker predeceases the testator--appear unlikely to ameliorate the testator's expressed antagonism toward particular heirs who do survive.
3) Still other testators create residuary bequests that prove ineffective for one reason or another.
EXHIBIT 2 MARITAL DEDUCTION UNDER PROPOSED REGULATIONS Example A Example B Example C Gross estate $9,000 $9,000 $9,000 Nonmarital bequest (3,000) (3,000) (3,000) Residuary bequest 6,000 6,000 6,000 Transmission expenses (400) (400) (400) Estate taxes (per Exhibit 3) (2,100) (2,589) (2,100)(*) Marital deduction $3,500 $3,011 $3,500 Amounts in Thousands * Does not reflect benefit of deduction for management expenses.
1 million charitable deduction--the amount of the residuary bequest to the two schools.
But if the spouse predeceases the testator, causing the residuary bequest to lapse and a partial intestacy to ensue, then the spouse can no longer play this role; under these circumstances, the testator might wish the doctrine of advancement to apply after all.
254) In at least one instance, a New Jersey court has invoked the probable intent doctrine to redistribute a lapsed residuary bequest to the testator's heirs, (255) despite a state statute ordaining the remain-in-the-residue ruler.
the marital (and charitable) deductions must be reduced whenever income from property comprising the residuary bequest to the spouse (or charity) is used to satisfy administrative expenses.
Disclaimer of residuary bequest resulted in disclaimant's inheritance under intestacy law.
D to partially fund a "true worth" formula pecuniary bequest rather than a residuary bequest would produce essentially the same results as under the Sec.
cash or real estate), residuary bequests of property remaining after payment of debts, estate costs, devises, bequests, and legacies, and contingent bequests (e.
However, the will required estate taxes to be charged against the residuary bequests without adjustment among the beneficiaries.