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Residue

“Gift over” in a will to a substitute beneficiary

gift over, substitute beneficiary, making a will, gifts in a will, wills, deceased estate, will making, beneficiary dies,
An outline of a how a gift over works in a will. A gift over in a will is when the person designated to receive it has died, the gift then passes over to a substitute person, if so named to take.The substitute beneficiary only inherits if the main beneficiary has already died, not survived the deceased or died before attaining a vested interest.

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Residue of a deceased estate – what is it?

residue, deceased estate, wills, making a will, administration, probate The residue of a deceased person’s estate is basically what is left over after the payment all costs in connection with the estate. That is, payment of funeral expenses, costs incurred in the administration of the estate, payment of the deceased’s debts, discharge of any liabilities and the distribution of any specific gifts made under the will.