Search results
Results From The WOW.Com Content Network
Some wordings that define the scope of a bequest have specific interpretations. "All the estate I own" would involve all of the decedent's possessions at the moment of death. [4] A conditional bequest is a bequest that will be granted only if a particular event has occurred by the time of its operation.
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).
Depending upon local custom, legatees may be called "devisees". Traditionally, "legatees" took personal property under will and "devisees" took land under will.
Heirs property, or heirs' property, refers to property that is passed between generations of family members without the involvement of local probate courts, without a will or formal estate strategy. [1] Heir property is commonly viewed as an unstable form of ownership, since co-owners often have limited rights over the property. [2]
Devisee – beneficiary of real property under a will. Distribution – succession to personal property. Executor / executrix or personal representative [PR] – person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes in the will.
Under section 2-604(b) of the uniform probate code, "if the residue is devised to two or more persons, the share of a residuary devisee that fails for any reason passes to the other residuary devisee, or to other residuary devisees in proportion to the interest of each in the remaining part of the residue."
The Rule in Shelley's Case is a rule of law that may apply to certain future interests in real property and trusts created in common law jurisdictions. [1]: 181 It was applied as early as 1366 in The Provost of Beverly's Case [1]: 182 [2] but in its present form is derived from Shelley's Case (1581), [3] in which counsel stated the rule as follows:
In law, an "heir" (FEM: heiress) is a person who is entitled to receive a share of property from a decedent (a person who died), subject to the rules of inheritance in the jurisdiction where the decedent was a citizen, or where the decedent died or owned property at the time of death.