Residuary Legatee

	Residuary Legatee A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. It is also known as a residual estate or simply residue. The will may identify the taker of the residuary estate through a ''residuary clause'' or ''residuary bequest''. The person identified in such a clause is called the ''residuary taker'', ''residuary beneficiary'', or ''residuary legatee''. Such a clause may state that, in the event all other heirs predecease the testator, the estate would pass to a charity (that would, presumably, have remained in existence). If no such clause is present, however, the residuary estate will pass to the testator's heirs by intestacy Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
picture info	Will (law) A will or testament is a legal document that expresses a person's (testator) wishes as to how their property ( estate) is to be distributed after their death and as to which person ( executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Though it has at times been thought that a "will" historically applied only to real property while "testament" applied only to personal property (thus giving rise to the popular title of the document as "last will and testament"), the historical records show that the terms have been used interchangeably. Thus, the word "will" validly applies to both personal and real property. A will may also create a testamentary trust that is effective only after the death of the testator. History Throughout most of the world, the disposition of a dead person's estate has been a matter of social custom. According to Plutarch, the written will was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Testator A testator () is a person who has written and executed a Will (law), last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. 556. . Related terms * A female testator is sometimes referred to as a testatrix (), plural testatrices (), particularly in older cases. In Ahmadiyya Islam, a testator is referred to as a moosi, who is someone that has signed up for Wasiyyat or a will, under the plan initiated by the Mirza Ghulam Ahmad, Promised Messiah, thus committing a portion, not less than one-tenth, of his lifetime earnings and any property to a cause. The adjective, adjectival form of the word is testamentary, as in: # Testamentary capacity, or mental capacity or ability to execute a will and # Testamentary disposition, or gift made in a will (see that article for types). # Testamentary trust, a trust (law), trust that is created in a will. * A will (la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Intestacy Intestacy is the condition of the estate of a person who dies without having in force a valid will or other binding declaration. Alternatively this may also apply where a will or declaration has been made, but only applies to part of the estate; the remaining estate forms the "intestate estate". Intestacy law, also referred to as the law of descent and distribution, refers to the body of law (statutory and case law) that determines who is entitled to the property from the estate under the rules of inheritance. History and the common law Intestacy has a limited application in those jurisdictions that follow civil law or Roman law because the concept of a will is itself less important; the doctrine of forced heirship automatically gives a deceased person's next-of-kin title to a large part (forced estate) of the estate's property by operation of law, beyond the power of the deceased person to defeat or exceed by testamentary gift. A forced share (or legitime) can often only be d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]