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''?


Asked on 4/29/04, 8:06 pm

1 Answer from Attorneys

Paul B. Ward Law Offices of Paul B. Ward

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.

Read more
Answered on 4/30/04, 10:15 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Virginia