Legal Question in Wills and Trusts in Virginia
Last will and testament
In the distribution of cash assets, what does the phrase '' in equal shares,share and share alike/a specified dollar amount or percentage, the rest and residue of my NET ESTATE after payment of all expenses and the payment of aforementioned bequests''?
1 Answer from Attorneys
Re: Last will and testament
A specific dollar amount requires that, to the extent there are funds available, the beneficiary gets the stated amount.
"In equal shares", or "share and share alike" generally applies when a designated sum of money, or a designated asset or group of assets, is given to a designated group of people (e.g. my grandhildren) who are to get a share equal to one over the number of people in the designated group.
"Rest and residue" is a means of giving to a designated beneficiary or group of beneficiaries all that's left in the estate after paying expenses, taxes and specific bequests such as the two types above.
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