What rights do residual beneficiaries have?

A Residuary Beneficiary is someone who is entitled to a share of what’s left in the Estate once all the funeral expenses*, debts, taxes and other gifts have been settled. As a Residuary Beneficiary, they would be entitled to see the Estate Accounts.

What does by right of representation mean in a will?

per stirpes
Distributing your assets per stirpes (sometimes called “by right of representation”) means that your assets will be divided evenly among your children, but if one of your children predeceases you, their children (your grandchildren) will inherit their parent’s share.

Does California Follow per stirpes or per capita?

They are choices that fit each family differently. But if a person dies without a will or trust, then the state of his/her domicile at death will determine whether your estate is split per stirpes or by representation. In Arizona, that is by representation. In California that is per stirpes.

What is the difference between per stirpes and Right of representation?

Definition: Right of Representation. “Right of representation” (also called “per stirpes”) is a designation applied to a gift in a will to the descendants of a particular person which provides a clear rule for how the gift should be divided among those descendants.

What is living issue by Right of representation?

California law, (in the absence of more specific instructions) states that the children of a trustee (or your grandchildren, if you nominate your child[ren] to inherit your estate) are known as the Living Issue and have the Right of Representation to claim (and divide equally) whatever their parent(s) were set to …

Who is the residuary beneficiary in a will?

The residuary beneficiary. Some wills clearly state that lapsed gifts become part of the residuary estate (everything that isn’t left specifically to another named beneficiary). If so, then the gift passes to the residuary beneficiary. But many wills do not define the residuary estate this way.

How is the residue of an estate divided?

Dividing up the residue by percentage or fractional share: If the residue is to go to more than one person or entity, the will may provide that it be divided by percentage or fractional share of the total assets.

What happens to 20 percent of an estate if the beneficiary dies?

If Bob doesn’t survive the testator, Bob’s share of the estate will “lapse.” In other words, Bob’s 20 percent share simply ceases to exist because he’s no longer living to accept it. So what happens to it? It typically remains in the estate to be divided among other beneficiaries.

Can a beneficiary’s share of an estate go to a close relative?

All states have some form of “anti-lapse” statutes on their books that would allow the deceased beneficiary’s share to go to their family, provided that they were a close relative of the decedent. But these laws can vary widely from state to state, so don’t depend on this provision when you’re planning your estate. 1