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Is land not specified in a will or trust covered by a residuary clause?
Wiki User
∙ 11y ago
If the decedent owned land that was not specifically devised in the will then it would pass according to the residuary clause if there is one. If there is no residuary clause in the will the property would pass according to the laws of intestacy as intestate property. You can check the laws in your state at the related question link.
Your query about trust property is more difficult to answer since trusts are managed according to the provisions in any particular trust. The only real property a trustee can manage is the property that has been transferred to the trust by deed. The trustee has only the powers set forth in the trust. You need to review the trust document to determine how/if the trustee can dispose or distribute real property. If there is no such power set forth in the trust you may need a court order. You should consult with an attorney who specializes in probate/real estate and trust law.
If the decedent owned land that was not specifically devised in the will then it would pass according to the residuary clause if there is one. If there is no residuary clause in the will the property would pass according to the laws of intestacy as intestate property. You can check the laws in your state at the related question link.
Your query about trust property is more difficult to answer since trusts are managed according to the provisions in any particular trust. The only real property a trustee can manage is the property that has been transferred to the trust by deed. The trustee has only the powers set forth in the trust. You need to review the trust document to determine how/if the trustee can dispose or distribute real property. If there is no such power set forth in the trust you may need a court order. You should consult with an attorney who specializes in probate/real estate and trust law.
If the decedent owned land that was not specifically devised in the will then it would pass according to the residuary clause if there is one. If there is no residuary clause in the will the property would pass according to the laws of intestacy as intestate property. You can check the laws in your state at the related question link.
Your query about trust property is more difficult to answer since trusts are managed according to the provisions in any particular trust. The only real property a trustee can manage is the property that has been transferred to the trust by deed. The trustee has only the powers set forth in the trust. You need to review the trust document to determine how/if the trustee can dispose or distribute real property. If there is no such power set forth in the trust you may need a court order. You should consult with an attorney who specializes in probate/real estate and trust law.
If the decedent owned land that was not specifically devised in the will then it would pass according to the residuary clause if there is one. If there is no residuary clause in the will the property would pass according to the laws of intestacy as intestate property. You can check the laws in your state at the related question link.
Your query about trust property is more difficult to answer since trusts are managed according to the provisions in any particular trust. The only real property a trustee can manage is the property that has been transferred to the trust by deed. The trustee has only the powers set forth in the trust. You need to review the trust document to determine how/if the trustee can dispose or distribute real property. If there is no such power set forth in the trust you may need a court order. You should consult with an attorney who specializes in probate/real estate and trust law.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoIf the decedent owned land that was not specifically devised in the will then it would pass according to the residuary clause if there is one. If there is no residuary clause in the will the property would pass according to the laws of intestacy as intestate property. You can check the laws in your state at the related question link.
Your query about trust property is more difficult to answer since trusts are managed according to the provisions in any particular trust. The only real property a trustee can manage is the property that has been transferred to the trust by deed. The trustee has only the powers set forth in the trust. You need to review the trust document to determine how/if the trustee can dispose or distribute real property. If there is no such power set forth in the trust you may need a court order. You should consult with an attorney who specializes in probate/real estate and trust law.
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Is a residuary trust revocable or non revocable?
A residuary trust is set forth in a Will and is non-revocable after the death of the testator. It can be amended or revoked while the testator is still living.
What is the importance and function of residuary clause in a will or other testamentary instrument?
There's an old saying about real estate: "the fee must always be someplace", meaning there must always be an identifiable owner.A residuary clause is something like a "default" clause that if NOBODY else is to inherit property, it still goes SOMEPLACE.In a will or any testamentary instrument, if the person making the will ("testator") or other instrument ("grantor" of a trust or other such instrument) dies and all the people who were supposed to inherit have already died, have no children of their own and the instrument is otherwise defective because it doesn't "shift" inheritances to other living people through a "per stirpes" or similar designation and there are no other heirs at law (parents, grandparents, siblings, etc.) and the will does not have a "residuary" clause saying who gets the estate almost like a "default" inheritor (it could be a charity and even if the specific charity no longer exists then a court could appoint an alternate charity), then it is possible the estate will "escheat" or default to the STATE and be lost forever!AnswerA residuary clause is important because it controls the distribution of the residuary estate. A person's residuary estate is any property remaining after all debts, taxes, expenses, and specific bequests and devises have been fully satisfied. It may consist of property the testator owned and didn't devise under the provisions of the will, property that comes into the estate after the death of the testator such as insurance proceeds, refunds, court settlements, assets the testator forgot to include in the distribution, legacies that have lapsed or assets the testator may have acquired afterexecuting the will. It is a catch-all category that may include a considerable amount of property in many cases.The residuary clause is important because it directs how the residuary estate will be distributed. If there is no residuary clause included in the will the residuary estate will pass to all the heirs at law as intestate property according to the state laws of intestacy as if there was no will.
Can a trustee close a trust?
It will depend on the specific trust. Many have a clause or two about when the trust can be closed.
Can a successor trustee distribute part of the trust funds before all debts are settled?
If you are referring to a testamentary trust the debts of the estate must be paid before the residuary can pass to the trust. You should consult an attorney. If you err you may be personally liable.
Can a gift of land to a trust be cancelled for non performance of the clause?
no
Can a break a family trust after the death of the person who created it?
They must review the document that created the trust to determine if and how the trust can be terminated. Most trusts contain a clause that addresses termination. If there is no such clause the family would need to bring the matter to court and let a judge determine the outcome.
Can a family break a family trust after the death of the person who created it?
They must review the document that created the trust to determine if and how the trust can be terminated. Most trusts contain a clause that addresses termination. If there is no such clause the family would need to bring the matter to court and let a judge determine the outcome.
What is the abstract noun in the following sentence We trust that you will be there?
There are no abstract nouns in the sentence.The words in the sentence are:we, a personal pronoun, subject of the sentence;trust, the verb;that, a relative pronoun, introduces the relative clause;you, a personal pronoun, subject of the relative clause;will be, the verb of the relative clause;there, adverb, modifies the verb 'will be'.Note: The word 'trust' can function as both a verb and a noun. The noun 'trust' is an abstract noun as a word for confidence in someone or something; a word for a concept.
Is the Establishment Clause of the 1st Amendment violated by money saying 'In God We Trust'?
The courts have ruled that it does not.
What exactly is a charitable remainder annuity trust?
A charitable remainder annuity trust is a Planned Giving vehicle that entails a donor placing a major gift of cash or property into a trust. The trust then pays a fixed amount to the donors specified beneficiary.
What happens to property in an estate if a testamentary trust in a will was never set up?
If the will directs that property shall pass to a trust that was never fully executed (such as a trust that was supposed to be set up while the testator was living and cannot be found), that devise will lapse and become part of the residue of the estate. If there is no residuary clause in the will that property will be distributed as intestate property.If on the other hand a trust was set forth in the willand the will was never probated then you should submit the will for probate now. Generally, when a testamentary trust is created in a will, the will is submitted for probate so that the will can be proven and allowed as the last will and testament of the decedent. Once the will has been probated the court process continues and morphs into a trusteeship. Then, the named trustee is appointed and manages the trust according to the provisions set forth in the will. State laws on this issue may vary.You should consult with an attorney who specializes in probate law who can review your situation and the will and advise you of your options.
What is fund utilization in banking system?
Fund utilization is when the use of funds is governed by the fund authority for the specified fund type, or in the case of trust funds for the specified account. Managers are responsible for understanding the restrictions on use for all fund types, and for any trust account utilized by the department.
