11:44
yeah were just ending the 4th week
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Simple English definitions for legal terms
Residuary bequest
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A quick definition of Residuary bequest:
A residuary bequest is what's left of someone's money and things after they've given away some of it and paid off any debts they owed. The person who gets the residuary bequest is called the residuary beneficiary. For example, if someone left their house to their friend and some money to their family, whatever was left over would be the residuary bequest and would go to whoever they named as the residuary beneficiary.
A more thorough explanation:
A residuary bequest is the part of a person's estate that remains after all debts, taxes, and specific bequests have been paid. The person who receives the residuary bequest is called the residuary beneficiary.
For example, if a person's will states that they want to leave $10,000 to their sister and $5,000 to their best friend, those are specific bequests. If the person's estate is worth $50,000, and the debts and taxes add up to $20,000, then the residuary bequest would be $25,000. The person's will would state who should receive that $25,000.
In the case of Jureski v. Scaduto, a Florida court had to decide between conflicting provisions in a person's will. One provision stated that any property owned at the time of the person's death should go to two individuals. Another provision stated that five individuals should receive the residuary bequest. The court ruled that the residuary bequest controlled, meaning that the five individuals would receive the remaining assets of the estate after all debts and specific bequests had been paid.