524.3-1, a valid, transferable ownership interest in real property devolves immediately upon a testators death to a person to whom the property is devised by the testators will, even if the property is devised through a residuary clause
rather than through a specific devise.
The will did not have a residuary clause
or any general devises which could be interpreted as disposing of any of the inherited property.
For example, suppose that the insured has three children and that the residuary clause
in the revocable trust provides that, "the balance is to be divided into shares, per stirpes, for the Settlor's descendants as survive the Settlor, and each such share shall be disposed of as provided in Article 4 of this Trust," under which Article 4 contains lifetime trusts for the descendants.
The textual device for ensuring completeness of wills is a residuary clause
. After making discrete provisions for individual beneficiaries (if desired), a testator concludes with an inclusive bequest: "All the rest of my estate goes to A." The dimensions of such a clause expand or contract as the testator accumulates or dissipates assets, covering whatever remains once all other bequests have been satisfied--no more and no less.
A residuary clause
in the donee's will or revocable trust does not manifest an intent to exercise any of the donee's power(s) of appointment, unless the power in question is a general power and the donor did not provide for takers in default or the gift-in-default clause is ineffective.
Some states, she notes, consider a general residuary clause
to constitute an exercise of that power.
The next clause is called the "residuary clause
." The purposes of the residuary clause
The IRS interpreted applicable state law (Florida) to require estate taxes to be paid out of the residuary probate estate before funding any residuary clause
bequests; thus, the amount passing to the surviving spouse had to be reduced for taxes.
Assume, for example, that the testator's will provides a bequest of $50,000 each to three children, A, B, and C, but the will includes no effective residuary clause
. Under the intestacy statute, A, B, and C comprise the testator's heirs.
You'll want to draft a provision waiving apportionment if a client (1) has primarily probate assets, all of which are disposed of under a residuary clause
, or substantial specific or general bequests and the recipients of those assets are favored over the residuary beneficiaries, or (2) has both probate and nonprobate assets but wants to favor the nonprobate recipients.
In many states, such a general reference to powers of appointment is construed as being sufficient to include that property and, in some states, the residuary clause
need not even refer to powers of appointment to exercise a general power of appointment.
(c) Pursuant to the residuary clause
of the settlor's will if the trust for the animal was created in a pre-residuary clause in the settlor's will;