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The person identified in such a clause is called the residuary taker, residuary beneficiary, residuary legatee, or residuary devisee. [2] Such a clause may state that, in the event that all other heirs predecease the testator , the estate would pass to a charity (that would, presumably, have remained in existence).
The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti-lapse statute, then that beneficiary's inheritance will return to the residuary estate, to be inherited by the other beneficiaries to whom the residue has been willed.
When mapping out your estate plan, you may come across the term "residuary estate." In simple terms, a residuary estate is any part of your estate that hasn't been distributed to your heirs ...
Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy. Probate – legal process of settling the estate of a deceased person. Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees.
Continue reading → The post What Happens to an Inheritance If a Beneficiary Has Died? appeared first on SmartAsset Blog. This is an issue that comes up in estate law. If not frequent, it is ...
To avoid these issues, you might consider setting up a living trust — even if you only have one beneficiary. According to a 2024 LegalZoom report, about 75% of estate plans created in 2021 used ...
Ademption by satisfaction, also known as satisfaction of legacies, is a common law doctrine that determines the disposition of property under a will when the testator has made lifetime gifts to beneficiaries named in the will.
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...