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Encyclopedia > Residuary clause
The law of wills and trusts
Part of a series on the common law
Inheritence
Intestacy  · Testator  · Probate
Power of appointment
Simultaneous death  · Slayer rule
Disclaimer of interest
Types of will
Holographic will  · Will contract
Joint wills and mutual wills
Parts of a will
Codicil  · Attestation clause
Incorporation by reference
Residuary clause
Problems of property disposition
Lapse and anti-lapse
Ademption  · Abatement
Acts of independent significance
Elective share  · Pretermitted heir
Contesting a will
Testamentary capacity  · Undue influence
Trusts
Pour-over will  · Spendthrift trust
Charitable trust  · Cy pres doctrine
Resulting trust  · Constructive trust
Honorary trust
Other areas of the common law
Contract law  · Tort law  · Property law
Criminal law  · Evidence
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A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. The will may identify the taker of the residuary estate through a residuary clause or residuary bequest. The person identified in such a clause is called the residuary taker, residuary beneficiary, or residuary legatee. If no such clause is present, however, the residuary estate will pass to the testator's heirs by intestacy. Image File history File links Legal portal image File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Corruption Jurisprudence Philosophy of law Law (principle) List of legal abbreviations Legal code Intent Letter versus Spirit Natural Justice Natural law Religious law Witness intimidation Legal research External links Wikibooks Wikiversity has more about this subject: School of Law Look up law in Wiktionary, the free dictionary Law, Legal Definitions... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... Intestacy refers to the body of common law that determines who is entitled to the property of a dead person in the absence of a last will and testament or other binding declaration. ... A testator is a person who has made a legally binding will or testament, which specifies what is to be done with that persons family and/or property after death. ... Probate is the legal process of settling a dead persons estate: specifically, distributing the decedents property. ... A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. ... Disclaimer of interest (also called a renunciation), in the law of inheritance, wills and trusts, is a term that describes an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. ... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... A holographic will is an unwitnessed will and testament written by the testator personally, rather than being prepared by a lawyer, another person acting on the testators behalf, or from a pre-printed form. ... Joint wills and mutual wills are closely related terms used in the law of wills to describing two types of testemantary devices that may be executed by a married couple to insure that their property is disposed of identically. ... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... Codicil can refer to: An addition made to a will Any addition or appendix, such as a corollary to a theorem A poem by Derek Walcott This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... In the statutory law of wills and trusts, an attestation clause is a clause that is typically appended to a will, often just below the place of the testators signature. ... Incorporation by reference is a doctrine of the common law of wills by which a person may state in his will that certain property is to be disposed of by a seperate document, describing the place where the document will be found. ... Lapse and anti-lapse are complementary concepts under the law of wills, which address the disposition of property that is willed to someone who dies before the testator (the writer of the will). ... Ademption is a term used in the law of wills to determine what happens when property bequested under a will is no longer in the testators estate when the testator dies. ... Abatement (derived through the French abattre, from the Late Latin battere, to beat), a beating down or diminishing or doing away with; a term used especially in various legal phrases. ... The doctrine of acts of independent significance, in the common law of wills, permits the testator to effectively change the disposition of her property without changed her will, if acts or events with relation to the property itself have some significance beyond avoiding the requirements of the will. ... An elective share is a term used in American law relating to inheritance, which describes a proportion of an estate which the surviving spouse of the deceased may claim in place of what they were left in the decedents will. ... A pretermitted heir is a term used in the law of property to describe a person who would likely stand to inherit under a will, except that the testator (the person who wrote the will) did not know or did not know of the party at the time the will... A will contest, in the law of property, is a formal objection raised against the validity of a will, based on the contention that the will does not reflect the actual intent of the testator (the party who made the will). ... Undue influence (as a term in jurisprudence) is an equitable doctrine that involves one person taking advantage of a position of power over another person. ... In common law legal systems, a trust is a relationship in which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by a fiduciary duty to exercise that legal control for the benefit of someone else (the beneficiary... A pour-over will is a testamentary device wherein the writer of a will creates a trust, and decrees in the will that the property in his estate at the time of his death shall be placed in the trust. ... A charitable trust is a trust organized to serve private or public charitable purposes. ... The cy pres doctrine (pronounced as see-pray) is doctrine of the Court of equity. ... In common law legal systems, a trust is a relationship in which a person or entity (the trustee) has legal control over certain property (the trust property or trust corpus), but is bound by fiduciary duty to exercise that legal control for the benefit of someone else (the beneficiary), according... A constructive trust is a legal device used by courts sitting in equity to resolve claims raised by a plaintiff whose property has been converted to a profitable use by the defendant. ... An honorary trust, under the law of trusts, is a device by which a person establishes a trust for which there is neither a charitable purpose, nor a private beneficiary to enforce the trust. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... Property law is the law that governs the various forms of ownership in real property (land as distinct from personal or moveable possessions) and in personal property, within the common law legal system. ... Criminal law (also known as penal law) is the body of law that punishes criminals for committing offences against the state. ... The law of evidence governs the use of testimony (eg. ... Corruption Jurisprudence Philosophy of law Law (principle) List of legal abbreviations Legal code Intent Letter versus Spirit Natural Justice Natural law Religious law Witness intimidation Legal research External links Wikibooks Wikiversity has more about this subject: School of Law Look up law in Wiktionary, the free dictionary Law, Legal Definitions... In the law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... A testator is a person who has made a legally binding will or testament, which specifies what is to be done with that persons family and/or property after death. ... Intestacy refers to the body of common law that determines who is entitled to the property of a dead person in the absence of a last will and testament or other binding declaration. ...


At common law, if the residuary estate was divided between two or more beneficiaries, and one of those beneficiaries was unable to take, the share that would have gone to that beneficiary would instead pass by intestacy, under the doctrine that there was no residuary of a residuary. The modern rule, however, is that the failure of a residuary gift to one beneficiary causes that beneficiary's share to be divided among the remaining residuary takers.


  Results from FactBites:
 
Residuary estate - Wikipedia, the free encyclopedia (205 words)
A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails.
At common law, if the residuary estate was divided between two or more beneficiaries, and one of those beneficiaries was unable to take, the share that would have gone to that beneficiary would instead pass by intestacy, under the doctrine that there was no residuary of a residuary.
The modern rule, however, is that the failure of a residuary gift to one beneficiary causes that beneficiary's share to be divided among the remaining residuary takers.
McCarthy Fingar LLP (784 words)
The direction cannot be read as a mandate that the portion of the tax attributable to the residuary assets is not to be apportioned in an [*176] equitable manner among the recipients of such residuary gifts (Matter of Coulter, 11 Misc 2d, supra, pp.
Since [she] did not expressly make a direction against apportionment within the residuary [she] must be presumed to have intended 'gross equality' or equality prior to taxes, rather than 'net equality' or equality after tax [**147] [***9] impact (Jerome v.
A tax exoneration clause is not unusual but the tax consequences could be disastrous and contrary to the intent of a testator unless properly explained.
  More results at FactBites »

 
 

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