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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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Dkk
15:46
Woo, it took almost 24 hours but my butthole is feeling good again! Just wanted to update y'all on my struggle.
[] baddestbunny
15:52
Ew
Dkk
15:56
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soap
16:58
Thank you for the update
Dkk
17:04
Welcome.
Holding out strong for that 11 p.m. Sunday night wave.
soap
17:20
Do the admissions offices close on Veterans Day?
I think someone here was really interested in Cornell Law. I forgot their username now but I just talked to the Cornell admissions rep at the Houston LSAC fair and apparently 2/3 of people who interview at Cornell ultimately get in.
soap
17:21
Hello 🫡
soap
17:21
Thank you for your service, you’re a real one
soap
17:23
I wonder what it’s dependent on? Are the 2/3 chosen on stats, or interview performance, or more holistically?
I'm honestly not sure
[] baddestbunny
17:31
is Cornell a school where only people who interview get in?
I think so
She said historically a quarter get interview invites and then two thirds of those people get in.
soap
17:35
Did she say anything regarding if decisions will start to come out soon?
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username changed
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cockenheimer
17:56
when u boutta detonate some bomb dick u be like
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cockenheimer
[] baddestbunny
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sloppenheimer
17:58
*tips cap*
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m'lady ahh gesture
18:04
seing smells rn
18:04
and smelling sights
@soap: I asked and she did not have an answer
soap
18:10
aw man. I hope it’s soon…
I'm sure it will be
[] baddestbunny
18:26
how soon is now
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