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The Oudh Bequest is a waqf [5] which led to the gradual transfer of more than six million rupees from the Indian kingdom of Oudh (Awadh) to the Shia holy cities of Najaf and Karbala between 1850 and 1903. [6]
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.
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.
Certain estate expenses are tax deductible on IRS Form 1041. The executor must file this form for estates that earn over $600 in income or have a nonresident alien as a beneficiary.
Trustee vs. Beneficiary Rights and Responsibilities. A trust is a legal arrangement in which one person, called a grantor, transfers the management of assets to someone else.
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.
Executor vs. Beneficiary Rights. Executors and beneficiaries play different roles in the probate process and as such, they have different rights and responsibilities. If you’ve been named as ...