Definition:
Residuum is the term used to describe the remaining part or residue of something after it has been used or taken away.
Residuum is the term used to describe what remains after certain parts have been removed or used up. It can also refer to the remaining portion of an estate once all debts and bequests have been settled. For instance, the coffee grounds left in the filter after making a cup of coffee represent the residuum. Similarly, when a person passes away, their estate is distributed among their heirs, but the residuum is what remains after all debts and bequests have been satisfied. These examples demonstrate how residuum pertains to the leftover portion of something, whether it be coffee grounds or the remaining assets of an estate.
Residuum refers to the remaining assets or property of an estate after all debts, taxes, and specific bequests have been satisfied.
The residuum is typically distributed according to the terms of the will or trust, or if there is no will, according to the laws of intestacy in the state where the deceased resided.
In some cases, beneficiaries or heirs may contest the distribution of residuum if they believe it was not handled properly or if they have concerns about the validity of the will or trust.
If there are no assets remaining in an estate after all debts and bequests have been satisfied, the estate is considered insolvent and creditors may not receive full payment.
Yes, residuum can be used to pay off any remaining debts of the deceased before the remaining assets are distributed to beneficiaries.
The executor or trustee is responsible for managing and distributing the residuum according to the terms of the will or trust, and ensuring that all debts and bequests are satisfied.
Residuum may be subject to estate taxes, depending on the total value of the estate and the applicable tax laws.
Yes, residuum can be designated to be gifted to charitable organisations or causes as part of the estate distribution.
If there are disputes over the distribution of residuum, beneficiaries or heirs may need to seek legal counsel to resolve the matter through mediation or litigation.
To ensure that your residuum is distributed according to your wishes, it is important to have a clear and legally valid will or trust in place, and to regularly review and update these documents as needed.
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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