Vancouver wills and estate lawyers publish blog discussing what happens to assets not named to a specific beneficiary
Vancouver, BC -- (ReleaseWire) -- 11/16/2018 --When it comes to the discussions around Wills and Estates, the team at Kushner Law knows that the terminology can be quite confusing. One of the more interesting terms is residue of estate, which refers to assets that aren't gifted to specific beneficiaries. To address this, the firm recently published an article that discusses residue of estate and residual beneficiaries. For more, go to: http://www.kushnerlaw.ca/what-is-the-residue-of-an-estate/
As mentioned, the residue of an Estate is all of the property (both real and personal) that is not gifted to a specific beneficiary. An example of this would be if a testator (will-maker) died with $100,000.00 in cash and made two gifts of $20,000.00 each to two friends and named his spouse as the residual beneficiary. In this case, the spouse would be entitled to the $60,000.00 residue.
It is quite normal for the residue to be largest portion of the Estate. One interesting circumstance that can arise is if the will has no clause for a residual or if the residual beneficiary pre-deceases the testator. In this circumstance, we look to section 44 of WESA which provides the following:
If a will does not give or otherwise dispose of all of the will-maker's property, the property that is not the subject of a gift or otherwise disposed of in the will
(a) must be distributed to the persons who would be entitled if that property were an intestate estate, and
(b) if there is no person who would be entitled under paragraph (a), passes to the government and is subject to the Escheat Act.
This means that the residue will be distributed as if the testator had died without a will.
It's recommended that anyone making a will seek legal counsel to ensure their final wishes are coordinated and executed as intended. The wills and estate lawyers at Kushner Law provide a variety of services including Wills Variation, Estate Planning & Litigation.
To learn more, contact Kushner Law Group at 604-629-0432 or schedule a consultation.
About The Kushner Law Group
The Kushner Law Group was founded on the principle that a small law firm should be able to offer the same level of legal advice as a big firm at an affordable cost. A unique combination of legal experience and creativity allows the professionals at Kushner to come up with creative and practical solutions for a variety of legal problems.
For additional information, please visit http://kushnerlaw.ca/ or call 604-629-0432.
Kushner Law Group
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Company website: http://kushnerlaw.ca/
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