A gift of residue-will-executorship law and accounts, Financial Accounting

A gift of residue

Where property is not given by a specific legacy nor by a general legacy, it makes up the residue of the testator's estate.  If the testator fails to make a gift of his residue, he dies partially intestate.  The rules of intestacy will apply to the property comprising his residue. If a gift of property fails due to lapse or uncertainty, the property falls into the residue.

A "general residuary bequest" is defined as a testamentary gift of all property of the testator not otherwise disposed of.

Posted Date: 12/13/2012 4:27:36 AM | Location : United States

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