Like the one-talent servant in the parable, Boffin--although now residuary legatee
of great wealth--is still according to his solicitor, Mortimer Lightwood, free of the responsibility of industrious labor:
His executors were William Banning, Thomas Banning and Charles Horsfall, all of Liverpool, and the residuary legatee
was his godson, Thomas and Mary Banning's eldest son John Johnson Banning.
He did mention a house in Henley Street in which his mother, Elizabeth Wheeler, lived, but this was another property left to her until her sons were twenty-six, by her first husband, Thomas Hiccox senior, who owned and leased several properties in the street.(12) Henry did, however, leave 50[pounds] each to his two children, Thomas and Amye, both under age, and make his wife, Jane, his residuary legatee
A residuary legatee
's status as a beneficiary does not terminate until the estate terminates.(19) This differentiation is based on the residuary legatee
being entitled only to the remaining assets after the payment of debts, estate and inheritance taxes, administration expenses and the distributions to the specific legatees.
She was the ultimate residuary legatee
of John of Gaunt's Beaufort family, which had been legitimated by Act of Parliament.
There seems to be no question that the residuary legatee
(i.e., the sister) should have executed a disclaimer, allowing the estate to take a charitable deduction and the entire residuary, without related estate tax, to pass to the order.
The term "transfer" in the case of an estate includes a "sale, exchange or other disposition," but excludes the distribution by the estate to fund a specific or residuary legatee
1922) ("The reasons for allowing lapsed specific legacies to fall into the residue apply with equal force in favor of allowing all the residue to go to the surviving residuary legatees
Their assets were also increasing, as many were the residuary legatees
of patronage by the wealthy, who frequently left a portion of their inheritances, and in some cases their entire estates, to one or another order.
One might conclude that the uncertain nature of the Turkish and Egyptian monarchies, which led to their eventual fall, must have given some satisfaction to the Saudis, who had suffered at their hands and now had become their residuary legatees
. Thus it was, that in 1902 Ibn Saud began his control of the Peninsula which resulted in the declaration of the kingdom thirty years later, on 23rd September 1932, when it took its present name.
These were the resources on which he drew for all his other bequests, both for the residuary legatees
and for other named beneficiaries, to whom he allocated specific quantities of plate totalling some 4600 ounces.
(9) Pursuant to a will, the executor of the decedent's estate was authorized to make discretionary distributions of income to two beneficiaries of two trusts that were the residuary legatees
of the decedent's estate.