West Virginia Testamentary Trust of the Residue of an Estate for the Benefit of a Wife with the Trust to Continue for Benefit of Children after the Death of the Wife
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How to fill out Testamentary Trust Of The Residue Of An Estate For The Benefit Of A Wife With The Trust To Continue For Benefit Of Children After The Death Of The Wife?
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FAQ
The phrase 'I give the residue of my estate' indicates that the remaining assets after specific bequests will be distributed as directed in the will. In a West Virginia Testamentary Trust of the Residue of an Estate for the Benefit of a Wife, this typically signifies that the wife will have access to these assets, with eventual benefits extending to the children following her passing.
Also forming the residuary estate are any gifts which have been allocated to beneficiaries who predecease the deceased person (or die before the deceased person). After any debts have been paid, the estate can be distributed to the beneficiaries named in the Will.
Put, a residuary clause says who gets any assets, or the sale proceeds, not. specifically gifted elsewhere within the will or trust. Thus, a residuary clause is a catch all. provision that allows a testator (of a will) or a settlor (of a trust) to. ensure that all his or her assets pass as he or she wishes.
As the name implies, a residuary clause is a provision in a will that passes the residue of an estate to designated beneficiaries. Consider it a safety net that catches all your possessions that aren't covered by specific gifts.
I declare that I am of the age of majority or otherwise legally empowered to make a will, and under no constraint or undue influence. We, the witnesses, sign our names to this document, and declare that the testator willingly signed and executed this document as the testator's last will.
To create a testamentary trust, the settlor first must select the trustee and the beneficiary and specify the assets that are to be placed in trust. The settlor also has the ability to specify when and how to disburse the trust to the beneficiary. The last will and testament should detail all of this information.
The trust can also be used to reduce estate tax liabilities and ensure professional management of the assets. A disadvantage of a testamentary trust is that it does not avoid probatethe legal process of distributing assets through the court.
A residuary beneficiary receives the residue of an estate or trust that is, all of the property that's left after specific gifts are distributed.
Primary tabsA residuary beneficiary is a person who receives any property from a will or trust that is not specifically left to another designated beneficiary. The property received by the residuary beneficiary from a will is referred to as the residuary bequest.
The clause will name the residuary beneficiary who is also sometimes known as a remainder beneficiary. For example, "I give my car to my niece, my rental property to my son, and the residue of my estate to my wife," or ".... I give the remainder of my estate, including any personal and real property, to my wife."