residuary

(redirected from Residuary estate)
Also found in: Dictionary, Thesaurus, Financial, Wikipedia.

residuary

adjective excess, excessive, left over, remaining, residual, resultant, spare, surplus
Associated concepts: residuary bequest, residuary clause, residuary devise, residuary estate, residuary fund, residuary interest, residuary legacy, residuary legatee
See also: alluvion, net, residual, superfluous

LEGACY, RESIDUARY. That which is of the remainder of an estate after the payment of all the debts and other legacies. Madd. Ch. P. 284.

References in periodicals archive ?
d) If none of the beneficiaries described above shall survive me, then I give my residuary estate to those who would take from me as if I were then to die without a will, unmarried and the absolute owner of my residuary estate, and a resident of American Samoa.
Due to the lack of a residuary beneficiary in the decedent's will, his son filed a claim in the probate proceedings that the decedent's residuary estate fell into intestacy.
The court further noted that the decedent's attorney had acknowledged committing a scrivener's error in drafting the decedent's will admitted to probate, specifically noting that he failed to include a provision concerning the residuary estate.
The seventh circuit made two important holdings in Lurie: (1) the language in the "pour-over" will that effectively incorporated the revocable trust by reference governed the payment of estate taxes that exceeded the residuary estate and (2) even without such language in the will, it is proper under Illinois law to consider both the will and revocable trust agreement to determine the decedent's intent about payment of estate taxes.
These cases have concluded that a direction to pay estate taxes from the decedent's residuary estate, without contribution or reimbursement, constitutes a waiver of apportionment.
The IRS went on to rule that if the proposed disclaimers had the effect under Pennsylvania law of removing the tax burden from the residuary estate (i.
Because the residuary estate was sufficient to pay debts and expenses,,the marital deduction did not need to be reduced.
Such a sale could have resulted in an unanticipated reduction of the residuary estate available for distribution to others.
In Fleming,(1) the decedent's husband died during September 1983 and bequeathed his residuary estate to his wife.
The only statement made by the decedent in his will was that "[m]y trustee shall hold my residuary estate upon trust to apply the same in such manner as has been made known to them regarding my intentions so often expressed by me in recent years.
In IRS Letter Ruling (TAM) 9117007,(81) the decedent's will provided that his residuary estate be conveyed into a trust for the benefit of his surviving spouse.
Within nine months of the date of death, the taxpayer renounced almost all of the residuary estate passing to her under the decedent's will.