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Yes, a will can be valid without a residuary clause. If assets are not specifically designated in the will, they will pass according to the laws of intestacy or another legal mechanism determined by the jurisdiction. It is still recommended to consult with a legal professional to ensure that your wishes are clearly outlined in your will.
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What is a clause that modifies a will?
A residuary clause in a will specifies how any remaining assets should be distributed after all specific bequests and debts have been settled.
When money is awarded to the decedent through a litigation that was begun before the testator's death who inherits this settlement?
The estate would typically inherit any money awarded through litigation on behalf of the decedent. The distribution of the settlement to beneficiaries would then be determined by the terms of the will or intestate succession laws if there is no will in place.
Does the Residuary estate go to all siblings on the will or can it go on a verbal agreement with the mother and all siblings present that divides the property equally?
The residuary estate will be distributed according to the terms and conditions specified in the will. Any verbal agreement made among family members does not hold legal weight and will not override the instructions in the will. It is essential to follow the legal procedures outlined in the will to ensure the proper distribution of the estate.
What does residuary mean in a will?
Residuary in a will refers to the portion of the deceased person's estate that remains after specific gifts, debts, and taxes have been settled. This portion is typically distributed to the residual beneficiaries as outlined in the will.
What type of items are valid for use in the value list of a case clause?
Any single value or list of values can be used in the value list of a case clause, such as integers, strings, characters, enums, or constants. It is important to note that duplicate values are not allowed in the value list.
What happens to property not specified in a will?
Property that was not specifically devised in a will passes according to the residuary clause. If there is no residuary clause then it passes as intestate property according to the state laws of intestacy. See related question link.
What is a clause that modifies a will?
A residuary clause in a will specifies how any remaining assets should be distributed after all specific bequests and debts have been settled.
If an heir stated in a will had already passed on does that heirs family get his share or does it go back to the estate?
That depends on certain details. A well drafted will makes provisions for any devise made to a beneficiary who predeceased the testator. If the will does not contain alternative provisions then the gift lapses and becomes part of the residuary of the estate. The residuary estate is all the property that was not specifically devised in the will. A well drafted will contains a residuary clause that directs how the residuary estate will be distributed. If there is no residuary clause in the will then any leftover property will pass as intestate property according to state laws of intestacy.
What if furniture and jewelry are not listed in a will?
If they are not specifically mentioned in the will, they pass pursuant to the residuary clause to the person/persons who get the residuary of the estate. These items are usually divided among the residuary beneficiaries as they may agree to do so. If they cannot agree, then the items are sold and the proceeds distributed equally.
If a life insurance policy or a 401-k account has no named beneficiary then are these controlled by the last will and testament?
Yes. They can be specifically devised in the will or they can be distributed by the residuary clause which is a clause at the end of the will that serves as a catch-all. It provides for the distribution of any property that's not specifically devise elsewhere in the will. For example, the residuary clause could state, "The rest and residuary of my estate shall be shared equally amongst all my children or the issue of any child who predeceases me".If there is no residuary clause in the will and there is property that's not specifically devised that property will be distributed according to state law as intestate property. You can check the intestacy laws of your state at the related question link below.
Person dies and had a judgment against another person Is that judgment still in effect for the heirs?
Yes. If the judgment results in a monetary award the proceeds would be distributed according to the residuary clause in the will or as intestate property if there is no residuary clause or no will. You should make certain to keep the claim active until it is paid.
What is the importance and function of residuary clause in a will or other testamentary instrument?
There's an old saying about real estate: "the fee must always be someplace", meaning there must always be an identifiable owner.A residuary clause is something like a "default" clause that if NOBODY else is to inherit property, it still goes SOMEPLACE.In a will or any testamentary instrument, if the person making the will ("testator") or other instrument ("grantor" of a trust or other such instrument) dies and all the people who were supposed to inherit have already died, have no children of their own and the instrument is otherwise defective because it doesn't "shift" inheritances to other living people through a "per stirpes" or similar designation and there are no other heirs at law (parents, grandparents, siblings, etc.) and the will does not have a "residuary" clause saying who gets the estate almost like a "default" inheritor (it could be a charity and even if the specific charity no longer exists then a court could appoint an alternate charity), then it is possible the estate will "escheat" or default to the STATE and be lost forever!AnswerA residuary clause is important because it controls the distribution of the residuary estate. A person's residuary estate is any property remaining after all debts, taxes, expenses, and specific bequests and devises have been fully satisfied. It may consist of property the testator owned and didn't devise under the provisions of the will, property that comes into the estate after the death of the testator such as insurance proceeds, refunds, court settlements, assets the testator forgot to include in the distribution, legacies that have lapsed or assets the testator may have acquired afterexecuting the will. It is a catch-all category that may include a considerable amount of property in many cases.The residuary clause is important because it directs how the residuary estate will be distributed. If there is no residuary clause included in the will the residuary estate will pass to all the heirs at law as intestate property according to the state laws of intestacy as if there was no will.
What is the difference between entire residuary estate and residuary?
Both refer to the property not specifically devised in a Will. Residuary is the shortened form of residuary estate.Both refer to the property not specifically devised in a Will. Residuary is the shortened form of residuary estate.Both refer to the property not specifically devised in a Will. Residuary is the shortened form of residuary estate.Both refer to the property not specifically devised in a Will. Residuary is the shortened form of residuary estate.
What happens if a person named in a will has died?
It depends on the language of the Will. Depending on the language, it could pass to the deceased beneficiary's estate or it may lapse.In a properly drafted will there is a clause called the residuary clause that provides for any property not specifically devised, any property that comes into the estate after the death of the testator (wrongful death proceeds, etc.) and for any property from a devise that has lapsed for any reason. The residuary clause dictates who will receive that property. If there is no residuary clause the testator's "left over" property passes according to state law as intestate property.If the gift was made to Elizabeth, per stirpes, the gift would pass to Elizabeth's issue (children born of her body or adopted) if she predeceased the testator.If the gift was made simply to Elizabeth and she predeceased the testator, the gift would lapse and pass to the residuary estate.
If a will has not been changed and still leaves a third share to a predeceased daughter what rights do her surviving husband and children have to her estate?
That depends on the language in the will. A properly drafted will provides that the share of a deceased child will go to their issue (children) or their siblings. If there is no such provision the share would pass under the residuary clause of the will. If there is no residuary clause then it would pass as intestate property according to state laws.
When money is awarded to the decedent through a litigation that was begun before the testator's death who inherits this settlement?
The estate would typically inherit any money awarded through litigation on behalf of the decedent. The distribution of the settlement to beneficiaries would then be determined by the terms of the will or intestate succession laws if there is no will in place.
Does the Residuary estate go to all siblings on the will or can it go on a verbal agreement with the mother and all siblings present that divides the property equally?
The residuary estate will be distributed according to the terms and conditions specified in the will. Any verbal agreement made among family members does not hold legal weight and will not override the instructions in the will. It is essential to follow the legal procedures outlined in the will to ensure the proper distribution of the estate.
