Legal Definitions - Residuary Estate

When someone dies and leaves behind an estate, it means they have assets like property, money, and possessions. The residuary estate is what's left over after specific gifts have been given out to people named in the will.

For example, let's say someone's will states that they want to leave their house to their daughter, their car to their son, and $10,000 to their favorite charity. The residuary estate would be everything else that wasn't specifically mentioned, like any other property, money, or possessions.

Another example could be if someone's will only mentions specific gifts to a few people, and the rest of their estate is considered the residuary estate. This could include things like investments, bank accounts, and personal belongings.

Overall, the residuary estate is what's left over after all the specific gifts have been given out. It's important to have a clear understanding of what's included in the residuary estate when creating a will or dealing with someone's estate after they pass away.