The Significance Of Residuary Beneficiaries
A beneficiary is someone who will be given the assets you have outlined for them in your estate plan. To ensure that your beneficiaries receive the assets you wish to give them, you must develop an estate plan/will that includes them.
Going over the significance of residuary beneficiaries in an estate plan, and speaking with a Florida estate planning lawyer at Millhorn Elder Law Planning Group will make it easier for your loved ones to receive all of the things you wish to give them.
What Are Residuary Beneficiaries?
The term “residuary” refers to all of the things not specifically outlined in your estate plan. This can include random pieces of furniture, digital assets, electronics, along with anything not mentioned in your will.
Just as an example, if your will includes all of your bigger items, but does not include smaller items – small electronics and bits of furniture, for example – these would be considered the “residuary” assets.
A residuary beneficiary is a beneficiary set to receive your residuary assets after all of the other beneficiaries have received the assets outlined in your will.
What Will A Residuary Beneficiary Receive?
The only answer to the question outlined above is “It depends.” And, more specifically, it depends on just how detailed your estate plan is, as well as the wishes you clarify.
In the event that you inventory almost every single one of your assets and carefully assign these assets to different beneficiaries, your residuary beneficiaries may not receive a whole lot since there may not be much for them.
On the other hand, if your estate plan is not very detailed, your residuary beneficiaries could receive quite a bit. This is because some assets may not be outlined, allowing them to receive everything you didn’t specifically outline.
You can ensure that your residuary beneficiaries receive a lot more by working with a lawyer who can help facilitate this. Or, you can try to reduce the number of residuary assets, by developing a more thorough estate plan.
What Are The Rights Of Residuary Beneficiaries?
A residuary beneficiary has the following rights:
- The right to petition for the removal of a representative who is not doing their duties.
- The right to contest the validity of your will.
- The right to see an inventory of the assets comprising your estate.
- The right to receive notice of your Florida probate case, in the event that one is filed.
- The right to object to alleged errors in the accounting of your estate.
- The right to receive the fair market value of an asset given to them.
- The right to learn of any litigation against your estate, including a will contest.
- The right to pursue a homestead property exemption to protect your property from debtors.
Every single one of the rights outlined above is something that a residuary beneficiary is allowed to do.
Speak With A Florida Estate Planning Lawyer Today
If you would like to develop an estate plan that assists all of your beneficiaries, you should work with a lawyer who can help you do so.
Speak with a Florida estate planning lawyer today to develop an estate plan that gives every single one of your beneficiaries what you wish to give them.
Sources:
law.cornell.edu/wex/beneficiary
law.cornell.edu/wex/residuary_beneficiary
