11:43
Personal stuff with my ex :/. I wanted to vent to strangers on the internet lol
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Simple English definitions for legal terms
residuary clause
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A quick definition of residuary clause:
A residuary clause is a part of a will that says what should happen to any property that is left over after everything else has been given away. It's like the "leftovers" of the will.
A more thorough explanation:
A residuary clause is a part of a will that deals with any property that remains after all other gifts have been distributed. This clause ensures that nothing is left unaccounted for and that all assets are distributed according to the wishes of the deceased.
For example, a person may leave specific gifts to their children and grandchildren in their will. However, if there is any property left over after these gifts have been distributed, the residuary clause will determine who receives it. This could be a charity, a friend, or another family member.
Another example could be a person who leaves their entire estate to their spouse, but includes a residuary clause stating that if their spouse predeceases them, the remaining assets will be distributed equally among their children.
Overall, a residuary clause is an important part of a will that ensures all property is accounted for and distributed according to the wishes of the deceased.