residuary

The estate has agreed to repay the insurance company for the settlement and any related expenses, and donate the remainder of the proceeds to the residuary beneficiaries identified in the Hellers’ will: the MacDowell Colony, an artists’ colony that will receive 80 percent; and Columbia University and NYU Langone Medical Center, which will each receive 10 percent.

The estate has agreed to repay the insurance company for the settlement and any related expenses, and donate the remainder of the proceeds to the residuary beneficiaries identified in the Hellers’ will: the MacDowell Colony, an artists’ colony that will receive 80 percent; and Columbia University and NYU Langone Medical Center, which will each receive 10 percent.

Maine, for example, he declared that “Federalism requires that Congress accord States the respect and dignity due them as residuary sovereigns and joint participants in the Nation’s governance.”

If you do not specify, these assets are divided among the people who are entitled to your “residuary estate,” meaning what is left after expenses and specific bequests have been made.

In Aragona Trust, the taxpayer was a complex residuary trust.