14:19
@HopefullyinLawSchool What's YM?
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LSDefine
Simple English definitions for legal terms
Residue
Read a random definition: Stepped-up basis
A quick definition of Residue:
Residue: The leftover things that are not specifically given to someone in a will or trust. It's like the last bit of food on your plate after you've eaten everything else. This leftover property is also called the residuary estate.
A more thorough explanation:
Residue refers to the remaining assets of an estate after all debts, taxes, and specific bequests have been paid. It is also known as the residuary estate.
For example, if a person's will states that their house goes to their sister, their car goes to their nephew, and $10,000 goes to a charity, the residue would be everything else that is left over after these specific bequests are fulfilled.
Another example would be if a person dies without a will, the residue of their estate would be distributed according to the laws of intestacy in their state.
The examples illustrate that the residue is what is left over after specific gifts or debts have been taken care of. It is important to have a clear understanding of what constitutes the residue in order to properly distribute an estate according to the wishes of the deceased or the laws of the state.