Legal Question in Wills and Trusts in New Jersey
i am a residual beneficiary. what is this? thank u
Asked on 5/19/10, 8:52 am
2 Answers from Attorneys
Amy Klauber
Klauber & Klauber, LLP
You receive whatever has not been specifically bequested to other people in the will.
Answered on 5/24/10, 9:37 am
Walter LeVine
Walter D. LeVine, Esq.
Adding, you only receive what is left after all bills, taxes, administration expenses, costs and fees are paid. If there are more than one residual beneficiary, you take equally, unless different allocations are specified. I have not seen any documents, so only a general response is provided.
Answered on 5/24/10, 9:41 am