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LSDefine

Simple English definitions for legal terms

true residue

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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.

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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