Enlightened1
Junior Member
Please advise..the answer may save or forever doom my family!
What is the name of your state? Oregon
My brother recently died and left a Will appointing me (his sibling) as sole Executor and Trustee. He resided in Oregon when he died. He directed Trustee (me) to make a specific gift to 3 named beneficiaries. To each he gave 1/3 of his assets he had in a S corporation. The S corporation was farm land he inherited from his grandfather. His will phrases the gift to each of the 3 as follows: To (named beneficiary) Give One Third of my assets in ____ Inc. (Or cash following the sale of "(grandfathers name)" Property.
The Residue of the estate is to be given to me which makes me a beneficiary as well as Trustee.
My brother sold his interest in the S corp. about 1 year after he made this will and a year before he died. The corp. was dissolved and my brother spent most of the money he received from the sale all within that one year. He was penniless before he sold his shares. All that is left of the monies he received off the sale is about $6000.00 in a checking account, a truck and some misc. personal property that is worth about $6000.00 combined. My question is would this cash and misc. personal property be considered Residue of his estate? Or would the 3 named beneficiaries be entitled to all or some of this cash and misc. property since most of it did derive from the sale of the S corp./farm land? My brother didn't include his 10 year old nephew in this will as one of the beneficiaries. All 3 of the named beneficiaries are his other nephew and 2 nieces. Two are over 18 and living on their own and the other one soon will turn 18. The only reason he didn't include my 10 year old nephew (who happens to be the one out of all 4 neices and nephews who thinks Uncle W hung he moon) was because he was afraid that our sister-in-law and mother of 10 yo nephew would blow any money left to my nephew. My brother had talked to me at one point about maybe putting his youngest nephew on a life insurance policy. He never got around to doing that before his death. I'm hoping that all the above named property will be considered residue therefore it would be given to me. I then can divide everything 4 ways amongs the nieces and nephews and since I doubt anyone will be contesting this will I can prevent my 10 year old nephew from ever knowing he was the only niece or nephew not in his uncle's will. I don't think telling him that his uncle thought about obtaining a life insurance policy naming him as sole beneficiary but never got around to it would be much condolence. This is why an answer to my "Is this residue?" question would set my mind to a lot of ease. I want my young nephew to never question that my brother loved him as much or more as the rest of his nieces and nephews. PLEASE help shed some light on this for me as I feel like a liason between my dead brother and my living brother and his 10 year old son. I have sent off the affadavit for small estate probate but only myself and my father know the contents of the will and that my youngest nephew was what I believe to have been 'accidently' lost in the fray due to my brother's untimely death. I know he would not have wanted his youngest nephew left out due to a 'spendthrift' sister-in-law. He didn't think it through I just know. He was an alcolholic but had been straight for 6 years before falling off the wagon last year. T He wasn't thinking straight that last year due to the alcohol or I know he would have never left our youngest nephew out in the cold. He would have followed through with something for him I'm sure.
PLEASE SHARE ANY EXPERTICE OR EXPERIENCE IN SUCH A MATTER WITH ME BEFORE IT'S TOO LATE AND FEELINGS ARE FOREVER HURT!
Thank you in advance.
What is the name of your state? Oregon
My brother recently died and left a Will appointing me (his sibling) as sole Executor and Trustee. He resided in Oregon when he died. He directed Trustee (me) to make a specific gift to 3 named beneficiaries. To each he gave 1/3 of his assets he had in a S corporation. The S corporation was farm land he inherited from his grandfather. His will phrases the gift to each of the 3 as follows: To (named beneficiary) Give One Third of my assets in ____ Inc. (Or cash following the sale of "(grandfathers name)" Property.
The Residue of the estate is to be given to me which makes me a beneficiary as well as Trustee.
My brother sold his interest in the S corp. about 1 year after he made this will and a year before he died. The corp. was dissolved and my brother spent most of the money he received from the sale all within that one year. He was penniless before he sold his shares. All that is left of the monies he received off the sale is about $6000.00 in a checking account, a truck and some misc. personal property that is worth about $6000.00 combined. My question is would this cash and misc. personal property be considered Residue of his estate? Or would the 3 named beneficiaries be entitled to all or some of this cash and misc. property since most of it did derive from the sale of the S corp./farm land? My brother didn't include his 10 year old nephew in this will as one of the beneficiaries. All 3 of the named beneficiaries are his other nephew and 2 nieces. Two are over 18 and living on their own and the other one soon will turn 18. The only reason he didn't include my 10 year old nephew (who happens to be the one out of all 4 neices and nephews who thinks Uncle W hung he moon) was because he was afraid that our sister-in-law and mother of 10 yo nephew would blow any money left to my nephew. My brother had talked to me at one point about maybe putting his youngest nephew on a life insurance policy. He never got around to doing that before his death. I'm hoping that all the above named property will be considered residue therefore it would be given to me. I then can divide everything 4 ways amongs the nieces and nephews and since I doubt anyone will be contesting this will I can prevent my 10 year old nephew from ever knowing he was the only niece or nephew not in his uncle's will. I don't think telling him that his uncle thought about obtaining a life insurance policy naming him as sole beneficiary but never got around to it would be much condolence. This is why an answer to my "Is this residue?" question would set my mind to a lot of ease. I want my young nephew to never question that my brother loved him as much or more as the rest of his nieces and nephews. PLEASE help shed some light on this for me as I feel like a liason between my dead brother and my living brother and his 10 year old son. I have sent off the affadavit for small estate probate but only myself and my father know the contents of the will and that my youngest nephew was what I believe to have been 'accidently' lost in the fray due to my brother's untimely death. I know he would not have wanted his youngest nephew left out due to a 'spendthrift' sister-in-law. He didn't think it through I just know. He was an alcolholic but had been straight for 6 years before falling off the wagon last year. T He wasn't thinking straight that last year due to the alcohol or I know he would have never left our youngest nephew out in the cold. He would have followed through with something for him I'm sure.
PLEASE SHARE ANY EXPERTICE OR EXPERIENCE IN SUCH A MATTER WITH ME BEFORE IT'S TOO LATE AND FEELINGS ARE FOREVER HURT! Thank you in advance.
Last edited: