Residuary Bequest Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Residuary Bequest, written in plain English, along with examples of how it is used.
What is Residuary Bequest?
(n) Residuary Bequest is left over, or residuary property remaining in the estate of a deceased person after all the special gifts notified in the will were made.
History and Meaning of Residuary Bequest
A residuary bequest is a term used in estate planning and refers to the property that is left over in an estate once all specific gifts have been distributed. Essentially, it is the remainder of an estate that has not been specifically designated to a particular inheritor or organization. The term is used to describe the allocation of a testator's assets after directives for specific bequests have been fulfilled.
Examples of Residuary Bequest
In his will, John left $10,000 to his alma mater and $5,000 to his sister. The remainder of his estate was to be distributed evenly among his three children.
Mary's will specifically left her jewelry to her granddaughter and her antique car to her nephew. The rest of her estate went to her daughter in equal shares.
After Laura's funeral expenses and all other outstanding debts were paid, her remaining estate was split among five charities as a residuary bequest.
Legal Terms Similar to Residuary Bequest
Specific bequest - A specific legacy is a bequest of a particular asset in a will or trust.
Pecuniary bequest - A testamentary gift of a sum of money.
Devise - A transfer of real property in a will.