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What does residuary mean in a will?
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Related Questions
Asked in Wills
What is the difference between entire residuary estate and residuary?

Both refer to the property not specifically devised in a Will.
Residuary is the shortened form of residuary estate.
Both refer to the property not specifically devised in a Will.
Residuary is the shortened form of residuary estate.
Both refer to the property not specifically devised in a Will.
Residuary is the shortened form of residuary estate.
Both refer to the property not specifically devised in a Will.
Residuary is the shortened form of residuary estate.
Asked in Estates
Does the Residuary estate go to all siblings on the will or can it go on a verbal agreement with the mother and all siblings present that divides the property equally?

The residuary estate is usually addressed in the residuary
clause in the will. If the residuary estate is not addressed in the
will then the residuary passes to the next-of-kin as intestate
property according to the laws of intestacy. Distribution of an
estate is governed by statute and not by any verbal agreements. A
beneficiary can waive their rights to distribution but it must be
done in writing and filed with the estate.
Asked in Estates, Jewelry
What if furniture and jewelry are not listed in a will?

If they are not specifically mentioned in the will, they pass
pursuant to the residuary clause to the person/persons who get the
residuary of the estate. These items are usually divided among the
residuary beneficiaries as they may agree to do so. If they cannot
agree, then the items are sold and the proceeds distributed
equally.
Asked in Estates, Probate
If an heir stated in a will had already passed on does that heirs family get his share or does it go back to the estate?

That depends on certain details. A well drafted will makes
provisions for any devise made to a beneficiary who predeceased the
testator. If the will does not contain alternative provisions then
the gift lapses and becomes part of the residuary of the estate.
The residuary estate is all the property that was not specifically
devised in the will. A well drafted will contains a residuary
clause that directs how the residuary estate will be distributed.
If there is no residuary clause in the will then any leftover
property will pass as intestate property according to state laws of
intestacy.
Asked in Estates
What rights do the residuary beneficiaries of an estate have?

The residuary beneficiaries of an estate are entitled to receive
the balance of an estate after assets are distributed and all
obligations are paid. For example, if a will specifies that one
primary beneficiary is due $5,000,000 from the corps of an estate,
the residuary beneficiary will receive the remaining balance after
attorney fees, estate taxes, and other charges are withdrawn.
Asked in Estates
What items are part of the residuary estate?

Assets that are not specifically devised, a devise that fails
for some reason and assets that come into the estate after the
death of the testator, such as an award in a lawsuit, make up the
residuary estate. For example, if the testator simply left all her
estate to be equally shared by her three children, they will share
the entire residuary estate. She could also leave her real estate
to one daughter and direct that all the rest of her estate be
shared by her other two daughters. In that case, the real estate is
not part of the residuary.
Asked in Estates
When money is awarded to the decedent through a litigation that was begun before the testator's death who inherits this settlement?

The settlement would pass to that person specified as the
beneficiary of the settlement in the Will by the testator. If the
settlement was not specifically mentioned it would pass to
the heirs under the residuary clause of the Will. The
residuary clause devises any property that was not specifically
devised in the Will. If there is no residuary clause in the Will
then that settlement would pass according to the laws of intestacy
in the jurisdiction.
Asked in Estates
Is a bank account considered part of the residuary estate?

If it isn't a joint account with a surviving joint owner, and if
it doesn't have a "payable on death" designation with the bank, and
if it was not specifically bequeathed in the will then it would
become part of the residuary of the estate.
If it isn't a joint account with a surviving joint owner, and if it
doesn't have a "payable on death" designation with the bank, and if
it was not specifically bequeathed in the will then it would become
part of the residuary of the estate.
If it isn't a joint account with a surviving joint owner, and if it
doesn't have a "payable on death" designation with the bank, and if
it was not specifically bequeathed in the will then it would become
part of the residuary of the estate.
If it isn't a joint account with a surviving joint owner, and if it
doesn't have a "payable on death" designation with the bank, and if
it was not specifically bequeathed in the will then it would become
part of the residuary of the estate.
Asked in Insurance, Life Insurance, Estates, Texas Law
If a life insurance policy or a 401-k account has no named beneficiary then are these controlled by the last will and testament?

Yes. They can be specifically devised in the will or they can be
distributed by the residuary clause which is a clause at the
end of the will that serves as a catch-all. It provides for the
distribution of any property that's not specifically devise
elsewhere in the will. For example, the residuary clause could
state, "The rest and residuary of my estate shall be shared equally
amongst all my children or the issue of any child who predeceases
me".
If there is no residuary clause in the will and there is
property that's not specifically devised that property will be
distributed according to state law as intestate property. You can
check the intestacy laws of your state at the related question link
below.
Asked in Estates, Probate
What is the importance and function of residuary clause in a will or other testamentary instrument?

There's an old saying about real estate: "the fee must always be
someplace", meaning there must always be an identifiable owner.
A residuary clause is something like a "default" clause that if
NOBODY else is to inherit property, it still goes SOMEPLACE.
In a will or any testamentary instrument, if the person making
the will ("testator") or other instrument ("grantor" of a trust or
other such instrument) dies and all the people who were supposed to
inherit have already died, have no children of their own and the
instrument is otherwise defective because it doesn't "shift"
inheritances to other living people through a "per stirpes" or
similar designation and there are no other heirs at law (parents,
grandparents, siblings, etc.) and the will does not have a
"residuary" clause saying who gets the estate almost like a
"default" inheritor (it could be a charity and even if the specific
charity no longer exists then a court could appoint an alternate
charity), then it is possible the estate will "escheat" or default
to the STATE and be lost forever!
Answer
A residuary clause is important because it controls the
distribution of the residuary estate.
A person's residuary estate is any property remaining
after all debts, taxes, expenses, and specific bequests and devises
have been fully satisfied. It may consist of property the testator
owned and didn't devise under the provisions of the will, property
that comes into the estate after the death of the testator such as
insurance proceeds, refunds, court settlements, assets the testator
forgot to include in the distribution, legacies that have
lapsed or assets the testator may have acquired after
executing the will. It is a catch-all category that may include a
considerable amount of property in many cases.
The residuary clause is important because it directs how
the residuary estate will be distributed. If there is no
residuary clause included in the will the residuary
estate will pass to all the heirs at law as intestate property
according to the state laws of intestacy as if there was no
will.