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LSDefine

Simple English definitions for legal terms

clear residue

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A quick definition of clear residue:

Clear residue refers to the money left over after a person's debts, expenses, and gifts have been paid from their estate. It is also known as true residue.

A more thorough explanation:

CLEAR RESIDUE

Clear residue refers to the remaining income after all the debts, expenses, and legacies of a deceased person have been paid off. It is also known as true residue.

For example, if a person's estate is worth $500,000 and their debts, expenses, and legacies amount to $300,000, then the clear residue would be $200,000.

Another example would be if a person's estate is worth $1,000,000 and their debts, expenses, and legacies amount to $1,200,000, then there would be no clear residue.

Clear residue is the amount of money left over after all the necessary expenses have been paid. It is important to determine the clear residue in order to distribute the remaining assets to the beneficiaries according to the deceased person's will or state law. The examples illustrate how the clear residue is calculated based on the value of the estate and the amount of debts, expenses, and legacies that need to be paid off.

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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