Residuary Clauses in a California Will and What to Do With Assets
As any personal representative knows, it is not just tangible personal property that must be managed and distributed during an estate administration. All of the remaining property, including bank accounts, stock certificates, and real estate, must also be overseen by the estate administrator. The California will typically addresses the handling of this property under a residuary clause. While every will has its own unique provisions, there are several common instructions that often appear in a residuary clause.
A residuary clause may include the following instructions:
- That the personal representative distribute all of the remaining property to a single individual, outright and free of any restrictions.
- Ensure that the personal representative divide and distribute the residual property to a group of individuals in specified shares.
- Oversee that the personal representative distribute the property to a trust prepared by the decedent during his or her lifetime.
- Instruct that the personal representative hold the property in a trust created under the terms of the will, also known as a testamentary trust.
In addition, the clause may direct you to make certain payments out of the residuary of the estate. These payments may include taxes, funeral expenses, and other costs of administration. Our article, “Rules for Paying Debts in a San Diego Administration,” provides helpful information about paying debts during the estate administration process.
Personal representatives must following the terms outlined in the California will. The personal representatives must also complying with all of the laws, rules, and regulations imposed by the probate court. To learn more about this process, contact an experienced probate administration lawyer in San Diego today. Call our toll-free number at (888) 443-6590 for a consultation.