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Recent Residuary Estate questions

My wife and I have been presented Last Will and Testament

My wife and I have been presented Last Will and Testament drafts for signing. [NY State]. First, in the Residuary Disposition Clause following the Tangible Personal Property Clause we are trying to understand what Residuary Estate concept means. It reads: "If my husband, XXXX survives me, I give my wife all the rest, residue and remainder of my estate, other than any property over which I may have a power of appointment (my “Residuary Estate”). " Secondly, if down the road in the future we want to amend our will is that a formidable challenge.JA: Has anything been filed or reported?Customer: No, just present a final draft for a signing ! We are our early 70 just toJA: Anything else you want the lawyer to know before I connect you?Customer: Yes We are not a typical retirees -- there is an IRA and saving account that are planning to leave for the surviving spouse and our children thereafter. The IRA/saving account I am assuming goes to the suviving

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Loren

Juris Doctor

40,346 satisfied customers
I'm trying to get clarity on my mother's small estate

I'm trying to get clarity on my mother's small estate situation. She died with two heirs, myself as her only child, and her husband who is not my father. She had a will written well before they were married, leaving everything to me. Everything currently consists of a bank account less than $2,000, her personal possessions in the home, and the house itself. I've probated the will as a proponent only, probate occurred in October, and per the Portsmouth Virginia clerk of court, I already own the house as the sole beneficiary of the will. The will did not provide for sale of the home by an Executor/Pers. Rep. The estate is insolvent as of her date of death. I'm trying to reconcile what I have to do with the house. Must it be sold to satisfy debts, if her husband is currently residing in the home?JA: Is there an active case in probate court? If so, what is the next step in the case?Customer: Probate is complete.JA: Because estate planning law varies from state to state, can you tell me what state this is in?Customer: VirginiaJA: Anything else you want the lawyer to know before I connect you?Customer: The spouse has not claimed his entitlement share, nor any of the allowances, and I know that we must wait 6 months before distributing any funds to the heirs, but there won't be any funds once the administration of the estate and funeral expenses are paid, as there's not enough funds to pay both those debts.JA: When we are ready I'll take you to the appropriate web page.Customer: ok.

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Loren

Juris Doctor

40,346 satisfied customers
My father-inlaw passed away in 2007. In his will his 49% of

My father-inlaw passed away in 2007. In his will his 49% of a business was to be split among 3 siblings. The legal shares where given approximately 1 year later. As a result my wife and i own 70% (we were. 51% partners). How should money generated after the passing have been disbursed before the shares were actually passed. Three way split, or along percentage of ownership?

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Loren

Juris Doctor

40,346 satisfied customers
If estate bank account is short of money who replenish the

If estate bank account is short of money who replenish the account? Brother and sister of deceased, nice and nephews then deceased live in male partner of 25 years who received 29 percent of estate?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,214 satisfied customers
My father acquired land a few days before passing. His will

My father acquired land a few days before passing. His will was written in Tennessee in the year 1998. My part was put into a trust per the 1998 will. My question is, since he acquired the land in year 2016, can I legally acquire it or does it have to go in my trust per his will written in 1998?

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P. Simmons

Attorney

Doctoral Degree

37,064 satisfied customers
My mother did her will two years ago. My mother lives in a

My mother did her will two years ago. My mother lives in a two family house in which both her and my sister are on the deed, but they refinanced and my mother is the only one on the loan. I was under the impression that upon my mother passing that the whole house will go automatically to my sister, which is fine as I live out of state. After looking over the copy of the will in which I have, it states the following: (This falls under DISPOSITION OF MY RESIDUARY ESTATE) I give my residuary estate (insert my name), outright, free of trust. If (insert my name) is deceased, I give my residuary estate to (grand daughter), outright free of trust. If (grand daughter) is deceased, I give my residuary estate as provided in Article Four entitled "Remote Contingent Distribution." Neither myself nor my daughter (grand daughter) want her part of the home. What can be done? Can the will be amended stating that my sister gets the whole house? What is my obligation if the will stay as it is?I live in Georgia. The home in question is in Massachusetts

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RayAnswers

Lawyer

Doctoral Degree

39,136 satisfied customers
I own 100% of a Colorado C-corp. that, though a buy sell

I own 100% of a Colorado C-corp. that, though a buy sell agreement, has a note payable to the estate of late partner for $350K. The estate is closing shortly and will not be attempting to collect as the company has no assets or value at this time. The estates attorney and one of its administrators tell me the note will be asigned to the 10 residuary beneficiaries (I am personally one of the residuary beneficiaries). The partner/estate had no cash basis or ongoing interest in the company, however the company has value to me personally as it owns me $400k I personally loaned it, so I do wish to keep it around in hopes I can recover some or all of this investment.Question, can the estate assign this note to one, a select few or all of the residuary beneficiaries? If this is legal, as one of the beneficiaries can I stop this?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,214 satisfied customers
My husband is deceased 9-18-2006. s brother was s executor.

My husband is deceased 9-18-2006. His brother was his executor. His brother bought a house from my huband's company in 2006 befor he passed away..I have a document stating that if this house is ever sold any amount above what my brother in law paid would be divided between my deceased husband and my brother in law(buyer) My deceased huband left everthing to me even though his brother is executor. What happens to my deceased husband's part of this transaction? The house is in the process of being sold.

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Loren

Juris Doctor

40,346 satisfied customers
In my dad's will, it states that my older sister will inherit

In my dad's will, it states that my older sister will inherit his residuary estate... Does this mean she gets everything he owns or only what has been bequeathed to her?

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RobertJDFL

Attorney

Juris Doctorate

13,456 satisfied customers
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