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.
What happens when an item gifted under a Will or Trust is no longer owned at the time of death?
In estate planning, a common phrase used in a Last Will & Testament or a Living Trust is that a gift or devise will "lapse." So what does this mean? In the estate planning context, when a gift lapses, it ceases or is extinguished. The lapsing of the gift is usually tied to some event such as the death of the beneficiary.
As an estate planning lawyer in Florida, I'm often asked by clients if they can leave their estate to whomever they choose. For the most part, a person can leave his or her estate to whomever they choose but there are some exceptions.
As an estate attorney, I sometimes have clients who want to name multiple beneficiaries but do not want each beneficiary to know what the other is to receive. These clients will often ask, is this possible?
"Per stirpes" is a Latin term translated as "by the roots or by representation." In estate planning, the term is used to denote a method of dividing the estate of a person. A person who takes per stirpes, sometimes called by right of representation, does not inherit in an individual capacity but as a member of a group.
In setting up your estate plan, there are two main ways to leave items of tangible personal property ("TPP"), such as jewelry or sentimental items, to a beneficiary. You can either make a "specific devise" in your Will or you can include a provision in your Will which states that if you leave a list of items of TPP and who is to receive each item, then that list will be honored. When using the second method, the statement or list is sometimes described by estate planners as a "separate writing." This blog entry is intended to discuss the separate writing method.
Under certain situations, a beneficiary of a deceased person's estate may wish NOT to receive the inheritance that was left to them. By law, they can "disclaim" all or part of the inheritance and thereby not receive what the decedent left them.