Define: Remainder Subject To Open

“Remainder subject to open” refers to a legal concept where a testator leaves a portion of their estate to a beneficiary, but allows for additional beneficiaries to be added in the future.

When a testator creates a will with a remainder subject to open, they typically name a primary beneficiary who will receive a portion of the estate. However, the testator also allows for the possibility of adding additional beneficiaries in the future, such as children or grandchildren.

No, the primary beneficiary of a remainder subject to open cannot be changed. The testator’s initial choice of beneficiary is final and cannot be altered.

The authority to add additional beneficiaries to a remainder subject to open usually lies with the trustee or executor of the estate. They have the responsibility to determine if any additional beneficiaries meet the criteria set forth by the testator.

The specific criteria for adding beneficiaries to a remainder subject to open can vary depending on the terms set by the testator. Common criteria may include being a direct descendant, reaching a certain age, or meeting certain financial or personal requirements.

Yes, a remainder subject to open can be challenged in court if there are concerns about the validity of the will or if there is a dispute regarding the addition of beneficiaries. It is advisable to consult with an attorney experienced in estate law if you wish to challenge a remainder subject to open.

In most cases, a remainder subject to open cannot be revoked by the testator once the will has been executed. However, there may be certain circumstances where revocation is possible, such as if the primary beneficiary passes away before the testator.

If no additional beneficiaries are added to a remainder subject to open, the primary beneficiary will receive the entire portion of the estate designated for them. The remaining portion of the estate may be distributed according to other provisions in the will or applicable laws of inheritance.

Generally, a remainder subject to open cannot be modified after the testator’s death. The terms and conditions set by the testator in their will are typically considered final and binding.

Yes, there may be tax implications associated with a remainder subject to open, particularly if additional beneficiaries are added in the future. It is advisable to consult with a tax professional or estate planning attorney to understand the potential tax consequences and plan accordingly.