Asked by Emily Jackson on Jul 20, 2024
Verified
According to the terms of Kim's will, specific gifts are made, and taxes and other estate debts are paid. The assets of the estate that remain are most likely to be distributed through
A) a codicil.
B) a type of trust.
C) none of the choices.
D) a residuary clause.
Residuary Clause
A provision in a will that designates where the remainder of the estate goes after specific gifts are distributed.
- Understand the functions and necessities of trusts, wills, and estate planning in the allocation of assets.
- Understand the regulations surrounding bequests in wills, their legitimacy, and the outcomes when a beneficiary predeceases the will-maker.
Verified Answer
KO
Kyley OlneyJul 20, 2024
Final Answer :
D
Explanation :
A residuary clause in a will specifies how the remaining assets of an estate, after specific gifts, taxes, and debts have been paid, are to be distributed.
Learning Objectives
- Understand the functions and necessities of trusts, wills, and estate planning in the allocation of assets.
- Understand the regulations surrounding bequests in wills, their legitimacy, and the outcomes when a beneficiary predeceases the will-maker.