residuary


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Related to residuary: Residuary legatee

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 ?
Assume the following: (1) a will directs payment of taxes from the residuary estate without apportionment, (2) the language in the will differs from that in Lurie by directing distribution of the remaining assets to the revocable trust without incorporating the trust agreement by reference or directing that the assets be administered and distributed pursuant to its terms, and (3) the trust agreement provides that estate taxes be paid from the trust's assets without apportionment.
This is not an exact calculation of estate taxes; the purpose of the example is to show the effect of apportionment on the residuary estate paying the estate tax.
However, the residuary MMB has until March 31 1997 to sell the shares and repay the rolling fund debt to England and Wales milk producers.
Meanwhile, chief minister designate of Seemandhra N Chandrababu Naidu stressed the need to ensure fair treatment to employees of Seemandhra and justice to the residuary state of Andhra Pradesh.
In Residuary Trust A, the tax director contended that the trust in issue effectively owned assets located in New Jersey of four S corporations that it owned stock in and that the assets created the requisite nexus to subject the trust to tax on its undistributed, non-New Jersey income, but the N.
While in that case the disagreement apparently centred on the order in which bequests should be considered, to whom Mr Mason's property should be passed and how inheritance tax and probate costs should be applied to legacies and the residuary estate, this does provide an opportunity to open up the wider area of looking at how wills should be prepared with different types of beneficiaries.
This means that your late father''s executor will step into your late father''s shoes and sell the property along with your mother in the event of any future sale, or if your mother chooses to continue to live at the property for some years your late father''s share will pass to his trustees on trust for the residuary beneficiaries, usually the children.
805(1)(b), Daughter, as the residuary beneficiary, would fully bear the payment of estate administrative expenses.
This is known as a legacy, and will not form part of your residuary estate ensuring that the tradition continues.
In an earlier statement, a spokes woman for the British Rail Residuary Board, which is responsible for managing and selling land not needed by the current rail network, said: "Money raised from the sale of land or property is used to support the railways.