Residuary


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Related to Residuary: Residuary legatee

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Should local governments be put in the driving seat and the provincial governments be left with the residuary functions, the PTI risks shooting itself in the foot, vis-a-vis the 2023 general elections.
Under section 62 of the 1985 Act there vested in the appropriate residuary body (in this case the London Residuary Body) all residuary property of the GLC.
In a basic example concerning retirement accounts, if a child's residuary trust is the designated beneficiary of a decedent's retirement plan, the child has the right to stretch the minimum required distributions from the IRA over his or her life expectancy.
Subject to above all my residuary estate including the corpus that may fall after the lapse of life interests or otherwise to be divided into three parts and I bequeath One part to Aligarh University One Part to Islamia College Peshawar and One Part to Sindh Madressa of Karachi.
If you are a "residuary beneficiary" - in other words you stand to receive the remainder of the estate when specific gifts have been distributed - you are entitled to see the will and the estate accounts.
The legal form had not contained any general devises or residuary clauses to cover how that inheritance should be handled, although Aldrich at one point attached a signed note to the form indicating her brother should get the property, with some funds to go to a niece who would be a personal representative.
The reason for separating income from capital gains in calculating DNI is the differing interests of the income beneficiaries and the residuary beneficiaries.
For example, suppose that the insured has three children and that the residuary clause in the revocable trust provides that, "the balance is to be divided into shares, per stirpes, for the Settlor's descendants as survive the Settlor, and each such share shall be disposed of as provided in Article 4 of this Trust," under which Article 4 contains lifetime trusts for the descendants.
The textual device for ensuring completeness of wills is a residuary clause.
Clients also include LF Europe, BEL Valves and BRB (Residuary) Ltd.
If your brother is the only executor appointed and he chose to renounce his role, someone else would need to act in this capacity and it would usually fall to one of the residuary beneficiaries to take on the role.
"If I am survived by my wife, I give my entire residuary estate, real and personal, to her."