A bequest is the act of giving away one’s possessions after death. There are various types of bequests, such as giving money or a specific item to someone. A remainder bequest occurs when someone gives away the remaining possessions after all other gifts have been distributed, essentially stating, “Whatever is left, give it to this person.”
A residuary bequest, also known as a remainder bequest, is when a testator designates a beneficiary to receive the remaining assets of their estate after all debts, legacies, and specific bequests have been fulfiled. This type of bequest allows for flexibility in distributing assets, as the testator can leave specific bequests to certain individuals and then allocate the remainder to a chosen beneficiary. For instance, a testator may leave their children and grandchildren specific bequests, but then leave the rest of their estate to a charitable organisation. This ensures that the charity will receive any remaining assets after all other gifts have been distributed. Similarly, a testator may leave their spouse a specific bequest of their home, but then leave the remainder of their estate to their children. This means that the spouse will receive the house, while the children will inherit any remaining assets. Ultimately, a remainder bequest allows a testator to ensure that their estate is distributed according to their wishes, even if they have not named every beneficiary in their will.
A remainder bequest is a provision in a will that designates a specific asset or portion of an estate to be given to a beneficiary after all other specific bequests and debts have been satisfied.
When a person creates a will, they can include a remainder bequest to ensure that a particular asset or portion of their estate goes to a specific beneficiary after all other bequests have been fulfilled. The remainder bequest takes effect only after all other obligations and distributions have been made.
Yes, a remainder bequest can be changed or revoked at any time before the testator’s death. This can be done through the creation of a new will or by executing a codicil, which is a legal document that amends or supplements an existing will.
If the designated remainder beneficiary dies before the testator, the remainder bequest will typically fail. In such cases, the testator’s will may include a provision for an alternate remainder beneficiary, or the asset may pass according to the residuary clause of the will.
Yes, like any other provision in a will, a remainder bequest can be contested. However, contesting a remainder bequest can be challenging, as it requires proving that the testator lacked testamentary capacity, was unduly influenced, or that the will was executed under fraudulent circumstances.
Yes, a remainder bequest may be subject to estate taxes, depending on the value of the asset and the applicable tax laws. It is advisable to consult with an estate planning attorney or tax professional to understand the potential tax implications of a remainder bequest.
Yes, a remainder bequest can be made to a charitable organisation. Many individuals choose to leave a portion of their estate as a charitable remainder bequest to support causes they care about.
Yes, a remainder bequest can be made to multiple beneficiaries. The testator can specify how the asset or portion of the estate should be divided among the beneficiaries, either in equal shares or according to specific percentages.
Yes, a remainder bequest can be made contingent upon certain conditions. For example, the testator may specify that the remainder bequest will only take effect if the beneficiary reaches a certain age or completes a specific milestone.
Yes, other beneficiaries may challenge a remainder bequest if they believe it is unfair or if they have grounds to contest the validity of the will. However, the burden of proof lies with the challenging party, and they must provide sufficient evidence to support their claims.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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