A residuary clause is a provision in a will that specifies how any remaining assets should be distributed after all specific gifts have been made. Essentially, it ensures that any property not explicitly mentioned in the will is allocated according to the testator's wishes. This clause is crucial for addressing any leftover estate property that has not been effectively disposed of.
Residuary clauses are commonly used in estate planning and probate law. They play a vital role in determining how a person's remaining assets will be divided among beneficiaries after specific bequests have been fulfilled. This term is particularly relevant in family law, as it can affect inheritance rights and the distribution of an estate among heirs. Users can manage their estate planning by utilizing legal templates available through US Legal Forms, which can help ensure their residuary clause is properly drafted.
Here are a couple of examples of abatement:
Example 1: A will states, "I bequeath my car to my friend, and all the rest of my estate to my children." In this case, the residuary clause ensures that any property not specifically mentioned, such as bank accounts or personal belongings, will go to the children.
Example 2: "I give my house to my sister, and I leave the remainder of my estate to my partner." This clause clarifies that the partner will receive everything else not specifically given away (hypothetical example).
| State | Key Differences |
|---|---|
| California | Allows for oral residuary clauses under certain circumstances. |
| New York | Requires clear language to avoid ambiguity in residuary clauses. |
| Texas | Permits residuary clauses but emphasizes the need for specific identification of beneficiaries. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Specific Bequest | A gift of a particular item or amount of money in a will. | Residuary clauses deal with remaining assets, while specific bequests are for named items. |
| Devise | A term used to describe a gift of real estate in a will. | A residuary clause can include devises but encompasses all remaining property. |
If you are creating or updating a will, consider including a residuary clause to address any remaining assets. It's advisable to use templates from US Legal Forms to ensure your wishes are clearly articulated. If your estate is complex or if you have questions, consulting a legal professional can provide tailored advice.
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A residuary clause is a part of a will that specifies how remaining assets should be distributed after specific gifts are made.