Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

true residue

Read a random definition: inheritors

A quick definition of true residue:

True residue: The money left over after paying for a person's debts, expenses, and gifts to others when they pass away is called the true residue. It's like having a jar of coins and taking out some to give to others or pay bills, and the true residue is what's left in the jar.

A more thorough explanation:

Definition: True residue refers to the income that is left over after all the debts, administration expenses, and general legacies of a deceased person have been paid off. It is also known as clear residue.

Example: Let's say that John passed away and left behind an estate worth $500,000. After paying off his debts, administration expenses, and general legacies, the total amount spent was $300,000. The true residue in this case would be $200,000 ($500,000 - $300,000).

Explanation: This example illustrates how true residue is calculated. When a person dies, their estate is used to pay off any outstanding debts, expenses related to administering the estate, and any legacies that were left behind. Once these expenses have been paid, the remaining amount is known as the true residue. In this case, John's estate was worth $500,000, but after paying off all the expenses, the true residue was $200,000.

true mark | true trademark

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
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.
LSD+ is ad-free, with DMs, discounts, case briefs & more.