Are you expecting an inheritance from a loved one who recently died? If so, you may find yourself somewhat distressed about what the executor is doing with the assets that belong to the estate.
When person establishing a Trust (soemtimes called a "Settlor") does not take the steps necessary to fund the Trust, in most instances a probate will be necessary in order to allow the transfer or liquidation of those assets. This would apply to most assets which are titled only in the Settlor's name and which do not have a beneficiary or a POD designation.
The provision in the Will or Trust which designates what happens to the "rest, residue and remainder" of an estate after specific devises are made is sometimes referred to as the "residuary provision" or "residuary clause."Every Will and Trust should include a residuary clause. This is the provision that acts as the "catch all" for all remaining assets or property not specifically distributed. In many estates, the residuary clause is where the bulk of the assets are devised.