Making sense of illness, death and taxes through the eyes of Attorney and Author, Melinda Gustafson Gervasi
Thursday, February 9, 2012
What is Residue in Estate Planning
Residue -- the word can take on various meanings depending on the subject area it is being used in. In the world of estate planning it means the probate property that has not already been specifically given away. For example, a person may draft a will that says "I leave my house to my church. And I leave the residue of my estate to my children, in equal shares". Residue is a quick way of saying all of my other, unspecified, probate property should go to my children.
Photo credit: www.sxc.hu - free image
And there you have it, residue defined in the context of estate planning. Absent of any mention of soap.