Also known as residue of the estate. Portion of the estate left after bequests of specific items of property are made.
The assets remaining in a deceased person’s estate after all bequests, debts, taxes, and other expenses (such as probate fees and court costs) have been paid are referred to as the “residuary estate” in probate law. The residuary estate includes any gifts that, for whatever reason, cannot be passed on to the designated beneficiary in the will.
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A probate sale is the sale of a deceased person’s property in cases where they died without leaving a will allocating the property to a
An heir is a person entitled to inherit the property of a decedent. An heir is a person who inherits or expects to inherit property
Statutory wills follow the standard language contained in a state wills statute. Some states have a template and format for their wills and they can
Being in charge of managing a company’s finances is an important responsibility. It affects how much money employees will be able to take home every
A tax provision that allows an unlimited amount of property of one spouse to transfer to the other upon death without incurring estate or gift
A blocked account in probate refers to cash or securities that are placed in a bank subject to withdrawal upon court order. A blocked account
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