Plan for Unforeseen Events
When you create an estate plan, you name specific people, trusts, or organizations to receive all your property. Over time though, you may receive property not specifically mentioned in your will. You could receive an inheritance yourself, or you could receive payment owed you from years earlier from taxes or business interests. The residuary beneficiary receives all the property in your estate which is not specifically mentioned in your will.
The residuary beneficiary would also receive any property designated for someone who is not available to accept the assets to which they were entitled. This can occur if the named beneficiary predeceases the testator (dies before the person who wrote the will) or if the named beneficiary doesn’t want to claim the assets.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can help you make a plan to cover every possible scenario in your estate planning documents. Call us today at 973-841-5111.
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