Florida probate lawyers know that the residue of an estate may sound like it is just the leftovers. In a lot of ways, it is the leftovers. That being said Florida probate litigators know the residue is important and could be worth just as much as the rest of the estate. Check out this recent probate appeal out of Florida’s Second District Court of Appeal to see why residue matters.
The Residue
- Florida probate litigation can arise over anything, and the residue is no exception.
- But what is the residue?
- Florida probate lawyers know that estates and estate plans cannot calculate every asset a person has without being overly burdensome.
- Can you imagine going to your Florida estate planning lawyer every time you picked up a new cell phone or piece of clothing?
- That would be absurd.
- The things left over that are not expressly mentioned in the estate plan are part of the residue.
- What does that mean?
- Usually a good Florida estate lawyer will include a residual clause that puts all the miscellaneous assets in one area.
- This is important for another reason do you know why?
Failed Gifts
- Sometimes you leave something to someone and for whatever reason they cannot accept.
- Maybe they cannot be located, maybe they predeceased you.
- In fact, sometimes they may waive their right to that inheritance all together.
- What does all of this mean for estate litigators Florida?
- Sometimes the residue of an estate can be very very valuable like in this case out of Florida’s probate courts.
- In re Estate of Murphy
- This was a case where the residue mattered.
- Do you know why?
- A woman died leaving a large amount of assets and a ton of different wills.
- For some reason the probate court determined that parts of the estate would have to fail for whatever reason.
- Those assets did not disappear though.
- So where do they go?
- That is right, the residue.
- Sometimes as many probate litigators Florida know, the money is in the residue not anywhere else.
Want to learn more?
Check out the entire case of In re Estate of Murphy by clicking here.
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