Residue

The property left after all bills, funeral expenses, taxes and specific bequests have been paid out or distributed from the probateThe court process proving the validity of a Will and conducting the orderly Inventory, Accounting, and Administration of a decedent’s assets under a Will or under Intestacy laws if there is no Will. The probate process in Wisconsin typically takes between six to twelve months in Wisconsin and can take longer in some cases. Probate can be avoided by proper Estate Planning and through the use of beneficiary designations, Transfer on Death Deeds, Marital Property Agreements and Trusts. estate or trustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries. estate. The “residueThe property left after all bills, funeral expenses, taxes and specific bequests have been paid out or distributed from the probate estate or trust estate. The “residue” is then distributed to the “residual beneficiaries.”” is then distributed to the “residual beneficiaries.”