Residuary

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

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 ?
_As per a schedule of specific bequests or a personal property memorandum (with items not listed passing to residuary estate) (List specific bequests on a separate piece of paper.)
The Alabama statute said that unless the decedent directed otherwise, the executor was to pay death taxes out of estate property (i.e., from the residuary estate).
His will said all estate, inheritance, and other death taxes imposed by reason of death "would be paid, without apportionment, by his residuary estate," said Sharp.
Depending on the will or trust document, the payment of estate taxes may be payable from the assets donated to charity or may be payable from the decedent's residuary estate.
In that case, the appellant, the willmaker's administrator for financial matters, proposed a will that distributed the residuary estate of $800,000.00 (the residuary beneficiary had predeceased the willmaker) to two charities and five persons, including the appellant who was to receive a one-eighth share.
According to Mr Robb, at present gifts made out of capital are wholly exempt from inheritance tax either when made a lifetime giving or as legacies or share of residuary estate on death.
The effect of the will was to disinherit her longtime caregiver and friend, Fair Ellen Roberts, and instead, leave her residuary estate to four charities in equal shares.
I direct that all inheritance, estate, transfer, succession, legacy and other death taxes upon property required to be included in my taxable estate whether or not passing under this Will [except (1) transfer taxes levied pursuant to the provisions of Chapter 13 of the Internal Revenue Code of 1986, relating to "generation-skipping transfers," or any similar state law, and (2) taxes on property held in trust under the Will (or any revocable trust) of my spouse], and any interest and penalties thereon, shall be charged against and paid from my residuary estate passing under Article FOURTH of Part I of this my Will.
For example, if the decedent had wanted to provide for his sister if she left the order, the will could have stated: "In the event that my sister is no longer subject to a vow of poverty at my death, I give her my residuary estate. But if she is subject to such a vow, then I give my residuary estate to the order."
A will should state whether the estate tax is to he apportioned among each bequest or paid from the residuary estate. This is particularly important if assets such as life insurance proceeds, IRAs, or pension distributions are passing outside of the estate.
In In re Krooss,(19) the testator's will devised his residuary estate to his wife Eliese for life, then to his two children, John and Florence.
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.