RESIDUARY ESTATE Meaning and
Definition
-
The term "residuary estate" refers to the remaining assets and property of a deceased individual after all debts, taxes, and specific bequests have been settled and distributed to beneficiaries. It represents the balance of the deceased person's estate that remains to be allocated amongst the intended recipients.
When a person passes away, they typically leave a legally binding document known as a will, which outlines their wishes regarding the distribution of their assets. Within the will, specific gifts may be allocated to individuals or organizations, such as cash, real estate, or valuable possessions. After fulfilling these specific requests, the residuary estate includes any remaining assets that were not specifically mentioned in the will or otherwise designated for distribution.
The residuary estate is usually distributed to the beneficiaries identified in the will, either by percentages or in equal shares. These beneficiaries are typically decided by the testator (the individual who made the will) and may include family members, friends, charitable organizations, or other entities. The executor of the will, who is responsible for administering the estate, is in charge of ensuring that the residuary estate is distributed according to the testator's wishes.
Overall, the residuary estate plays a crucial role in the process of estate administration, as it represents the remaining assets that need to be allocated after all other specific bequests and debts have been taken care of.
Common Misspellings for RESIDUARY ESTATE
- eesiduary estate
- desiduary estate
- fesiduary estate
- tesiduary estate
- 5esiduary estate
- 4esiduary estate
- rwsiduary estate
- rssiduary estate
- rdsiduary estate
- rrsiduary estate
- r4siduary estate
- r3siduary estate
- reaiduary estate
- reziduary estate
- rexiduary estate
- rediduary estate
- reeiduary estate
- rewiduary estate
- resuduary estate
- resjduary estate
Etymology of RESIDUARY ESTATE
The term "residuary estate" is derived from a combination of Latin and English words.
1. Residuary: The word "residuary" comes from the Latin word "residuarius", which means "leftover" or "remaining". In the legal context, it refers to the portion of an estate or property that remains after all specific bequests, debts, and expenses have been paid.
2. Estate: The word "estate" has its roots in Old French and Latin. In Old French, it was known as "estat", meaning "state" or "condition". This evolved from the Latin term "status", which has a similar meaning. In the context of law and property, an "estate" refers to all the possessions, property, and assets a person owns.
Infographic
Add the infographic to your website:
