{"id":9793,"date":"2022-12-19T20:49:01","date_gmt":"2022-12-19T20:49:01","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=9793"},"modified":"2023-07-14T16:35:14","modified_gmt":"2023-07-14T16:35:14","slug":"what-is-residuary-estate-in-a-will","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/","title":{"rendered":"What Is \u201cResiduary Estate&#8221; in a Will?"},"content":{"rendered":"<p>Whereas \u201cresidue&#8221; might make you think of the nasty bits in your kitchen\u2019s drain, there is nothing distasteful about being appointed the beneficiary of a residual estate. When you are preparing a will or are appointed in a will as one, you are going to need to comprehend the phrase.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/#Estate_Planning_Who_Receives_What\" >Estate Planning: Who Receives What?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/#Alternate_Beneficiaries\" >Alternate Beneficiaries<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/#Residuary_Clause_Who_Receives_the_Leftover_Assets\" >Residuary Clause: Who Receives the Leftover Assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/#Who_Receives_the_Residuary_Estate\" >Who Receives the Residuary Estate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/#Comprehending_the_Probate_Process\" >Comprehending the Probate Process<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/#Source\" >Source:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/what-is-residuary-estate-in-a-will\/#Attorney_Arizona\" >Attorney Arizona<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Estate_Planning_Who_Receives_What\"><\/span>Estate Planning: Who Receives What?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Estate planning can include a lot of legal elements, such as living trusts and POA, but a will is usually the most vital. A will establishes in writing who receives your assets when you pass away.<\/p>\n<p>How does that work? You create lists of certain beneficiaries, usually relatives or close friends, to whom you want to bestow specific assets. For instance, you might want to leave your house to your favorite cousin, and other property to your sister. Or perhaps you want to leave a special necklace or other personal property to Uncle Charlie as a certain bequest.<\/p>\n<p>When your will undergoes probate, that property passes as stated by the instructions in your will.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Alternate_Beneficiaries\"><\/span>Alternate Beneficiaries<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When you devise a will, it&#8217;s easy to assume that your family members and friends are going to be alive when you pass away. But there is no guarantee that this is going to be the case. That&#8217;s why appointing alternate beneficiaries for specific gifts is critical.<\/p>\n<p>The alternate beneficiary is an individual that will inherit a specific gift if the appointed beneficiary passes away before the testator. For instance, your will may state that a vase passes on to Uncle Steve, but if he is not alive, it passes on to Aunt April. In this instance, Aunt April is the alternate beneficiary.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Residuary_Clause_Who_Receives_the_Leftover_Assets\"><\/span>Residuary Clause: Who Receives the Leftover Assets?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In airtight estate plans, every part of property in the deceased individual\u2019s estate passes to a chosen beneficiary. However, few wills are this comprehensive. Usually there are items of personal property remaining.<\/p>\n<p>For instance, someone creating a will may not include specific inheritances for smaller items such as home decor or that old VHS collection. And what about the boxes that have been in storage for so long that no one remembers what&#8217;s inside them?<\/p>\n<p>That is the reasoning for appointing a residuary beneficiary. This beneficiary takes the leftovers, terminology that would work properly as a definition of a residuary estate. Equally, the word \u201cresidue&#8221; and the term &#8220;residual&#8221; stem from the Latin word that means &#8220;to be left behind.&#8221; Whichever assets are remaining after the executor allocates all of the specific gifts are, in sum, the residuary estate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_Receives_the_Residuary_Estate\"><\/span>Who Receives the Residuary Estate?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Anyone preparing a will needs to address appointing a residuary beneficiary. Include their name in a residuary clause, the portion of the will that distinguishes the residuary beneficiary.<\/p>\n<p>What does a residuary legatee receive? That is subject to the conditions of the will and who survives. The individual appointed to inherit the residuary estate receives all the property and assets leftover in the probate estate following the executor allocating particular gifts and pays estate liabilities.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Comprehending_the_Probate_Process\"><\/span>Comprehending the Probate Process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It is easier to get summary of how a residuary estate inheritance operates if you comprehend something concerning the probate process. When an individual passes away leaving a legitimate will, the executor is going to file the will with a probate court.<\/p>\n<p>An executor is the individual is responsible for advancing the estate through probate. Their role is to allocate the estate according to the conditions of the will. To accomplish this, the executor is required to gather all estate assets, from real estate to financial institution accounts, and determine estate liabilities, including things such as the decedent&#8217;s credit card bills in addition to proposed probate expenses and estate taxes.<\/p>\n<p>When the estate includes enough capital for covering the debts, the executor allocates specific bequests to the initial beneficiaries. When one or more of the initial beneficiaries isn&#8217;t still living, that individual\u2019s gift goes to the alternate beneficiary. If both the initial and alternate beneficiaries have passed away, the gift stays part of the estate.<\/p>\n<p>After the executor pays the estates bills, everything remaining is part of the residuary estate and passes to the individual appointed in the residuary clause. It is also going to include that old VHS collection and all the other things that were not designated to a beneficiary in the will. It also going to include particular gifts if neither the initial nor the alternate beneficiary lived.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Source\"><\/span>Source:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ol>\n<li>\n<p style=\"margin-left: 28.35pt; text-indent: -28.35pt;\">What is &#8220;residuary estate&#8221; in a will? <a href=\"https:\/\/www.findlaw.com\/estate\/wills\/what-is--residuary-estate--in-a-will-.html\">FindLaw.<\/a> (2022, December 8). Retrieved December 8, 2022, from https:\/\/www.findlaw.com\/estate\/wills\/what-is&#8211;residuary-estate&#8211;in-a-will-.html<\/p>\n<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Attorney_Arizona\"><\/span>Attorney Arizona<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><iframe loading=\"lazy\" style=\"border: 0;\" src=\"https:\/\/www.google.com\/maps\/embed?pb=!1m14!1m8!1m3!1d13295.289322404855!2d-111.972881!3d33.583962!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x0%3A0xa02db9a3ce093e9d!2sOgborne%20Law%20PLC!5e0!3m2!1sen!2sus!4v1575490314048!5m2!1sen!2sus\" width=\"100%\" height=\"150\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>There\u2019s nothing better than the peace of mind you will\u00a0have knowing you\u2019ve protected your family at a time when they need it most. Let us help. <a href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/\">Schedule a consultation<\/a> or <a href=\"https:\/\/ogbornelaw.com\/contact\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/contact\/\">contact<\/a> Ogborne Law, PLC of Arizona today.<\/p>\n<p>Here at <a href=\"https:\/\/g.page\/ogbornelaw?share\">Ogborne Law<\/a>, we are proud to include estate planning among our services. Your\u00a0<a href=\"https:\/\/ogbornelaw.com\/getting-to-know-michelle-ogborne-estate-planning-attorney\/\">estate planning attorney<\/a>\u00a0will work closely with you to draw up all the documents you\u2019ll need to communicate your wishes to the court. We\u2019ll take the time to answer all of your questions and guide you through this important process. If you\u2019re ready to start your consultation with Ogborne Law, visit our\u00a0<a href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/estate-planning\/\">Estate Planning Consultation<\/a>\u00a0request page.<\/p>\n<p>There are so many aspects to consider in estate planning, and we haven\u2019t even touched on those individuals who own a business! You\u2019ve worked hard for your life, and you need to protect it. You owe it to your family and your legacy to take care of planning now.\u00a0<a href=\"https:\/\/ogbornelaw.com\/contact\/\">Contact Ogborne Law<\/a> to schedule your estate-planning session.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whereas \u201cresidue&#8221; might make you think of the nasty bits in your kitchen\u2019s drain, there is nothing distasteful about being appointed the beneficiary of a residual estate. When you are preparing a will or are appointed in a will as one, you are going to need to comprehend the phrase. Estate Planning: Who Receives What?&hellip;<\/p>\n","protected":false},"author":3,"featured_media":10313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,305],"tags":[],"class_list":["post-9793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-residuary-estate","category-37","category-305","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is \u201cResiduary Estate&quot; in a Will? - Ogborne Law<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is \u201cResiduary Estate&quot; in a Will? - Ogborne Law\" \/>\n<meta property=\"og:description\" content=\"Whereas \u201cresidue&#8221; might make you think of the nasty bits in your kitchen\u2019s drain, there is nothing distasteful about being appointed the beneficiary of a residual estate. 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- Ogborne Law","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"What Is \u201cResiduary Estate\" in a Will? - Ogborne Law","og_description":"Whereas \u201cresidue&#8221; might make you think of the nasty bits in your kitchen\u2019s drain, there is nothing distasteful about being appointed the beneficiary of a residual estate. When you are preparing a will or are appointed in a will as one, you are going to need to comprehend the phrase. 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