Residuary Beneficiary at Legal Glossary
What is it? A person who receives any property by a will or trust that is not specifically left to another designated beneficiary. For example, if Antonio makes a will leaving his home to Edwina and the remainder of his property to Elmo, then Elmo is the residuary beneficiary.Law Definition Added By: Ethan
The Residuary Beneficiary definition has been viewed 1211 Time(s)!
Send To Friends!
If you'd like to send the Residuary Beneficiary definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Residuary Beneficiary. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Legal Terms:
Law Terms statutory share is The portion of a deceased persons estate that a spouse is entitled to claim under state law. The statutory share is usually one-third or one-half of the deceased spouses property, but in some states the exact amount of the spouses share depends on whether or not the couple has young children and, in a few states, on how long the couple was married. In most states, if the deceased spouse left a will, the surviving spouse must choose either what the will provides or the statutory share. Sometimes the statutory share is known by its more arcane legal name, dower and curtesy, or as a forced or elective share.Law Terms avails is Any amount available to the owner of an insurance policy other than the actual proceeds of the policy. Avails include dividend payments, interest, cash or surrender value (the money youd get if you sold your policy back to the insurance company) and loan value (the amount of cash you can borrow against the policy).
Law Terms egress is An exit, or the act of exiting. The most famous use of this word was by P.T. Barnum, who put up a large sign in his circus tent saying This Way to the Egress. Thinking an egress was some type of exotic bird, people eagerly went though the passage and found themselves outside the circus tent. Compare ingress.
Law Terms diversity jurisdiction is The power of the federal courts to decide cases between two citizens of different states, provided the amount the plaintiff seeks in damages exceeds $75000.
Law Terms treble damages is See damages.