Define: Residuary Bequest

A residuary bequest is a provision in a will that designates a portion of the estate to be distributed to a beneficiary after all other specific bequests and debts have been paid.

Any individual or organisation can be designated as a residuary beneficiary in a will.

The amount of a residuary bequest is typically a percentage of the remaining estate after all other specific bequests and debts have been paid.

Yes, a residuary bequest can be contested if there is evidence of undue influence, fraud, or lack of capacity on the part of the testator.

Yes, a residuary bequest can be changed through a codicil or by creating a new will.

If there is no residuary bequest in a will, the remaining estate will be distributed according to the laws of intestacy in the state where the testator resided.

Yes, a residuary bequest can be made to a minor, but it will need to be held in trust until the minor reaches the age of majority.

Yes, a residuary bequest can be made to a charity, and it may also provide tax benefits for the estate.

No, a residuary bequest cannot be made directly to a pet, but it can be made to a trust that provides for the care of the pet.

To ensure that your residuary bequest is carried out according to your wishes, it is important to work with an experienced estate planning attorney and to regularly review and update your will as needed.