Terminology in a will

[Bobii Earle]

I am from Florida.

what does the work risidual mean in a will?

When a husband/wife die and they have right of suvivorship for home in the will, does that include all furniture, etc?

 

[advisor10]

11-29-2001

DEAR BOBII:

Please quote the exact phrase or sentence that is used in the will that mentions the term "residual". Most often that term is used as residual income or residual assets of the estate, which means any additional income that is received (belonging to or in the name of the decedent) after the estate has officially closed, sometimes income that is received that may not have been expected or may not have been known about in advance, such as stock dividend checks.

SINCERELY,

[email protected]

 

[ALawyer]

If it refers to residual estate, it means what ever is left AFTER distributing any specific bequests. Very often Wills have specific bequests, such as $1000 to charity A, $5000 to sister B, $7000 to brother C, my furniture to my daughter D, and my car to son E, etc. with the remainder or residuary to the children equally.

As for joint tenancy, only the home and fixtures -- generally things attached to the land (what is deemed attached -- the furnace is but the refrigerator may not be -- varies by state) pass by operation of law. Furniture is NOT fixtures in most places.

 

[advisor10]

11-30-2001

DEAR BOBII:

Good news for you. The furniture would be considered personal property and you as the surviving wife would automatically get that under the concept of tenency by entirety, NOT right of survivorship.