Define: Residuary Devise

A residuary devise refers to a provision in a will that designates how any remaining assets or property should be distributed after all specific bequests and debts have been settled.

Yes, a residuary devise can be contested if there are valid grounds, such as undue influence, lack of testamentary capacity, or fraud. However, contesting a residuary devise can be more challenging than contesting specific bequests.

Yes, a residuary devise can be changed after the will is executed through a codicil or by creating a new will that revokes the previous one. It is important to consult with an attorney to ensure the changes are legally valid.

If a will does not include a residuary devise, the remaining assets or property will be distributed according to the laws of intestacy, which vary depending on the jurisdiction. This means that the assets may be distributed to the deceased person’s closest relatives.

Yes, a residuary devise can include specific instructions for distribution, such as designating certain individuals or organisations as beneficiaries or specifying percentages of distribution among multiple beneficiaries.

Yes, a beneficiary of a specific bequest may challenge a residuary devise if they believe it is unfair or contrary to the deceased person’s intentions. However, they would need to provide valid legal grounds for the challenge.

Yes, a residuary devise can be revoked by the testator (the person making the will) at any time before their death. This can be done by creating a new will that expressly revokes the previous one or by executing a revocation document.

Yes, a residuary devise can be made to a charity or organisation. Many people choose to include charitable organisations as beneficiaries in their residuary devises to support causes they care about.

Yes, a residuary devise can be made to a minor. However, it is important to consider the legal requirements and potential complications involved in leaving assets to a minor, such as appointing a guardian or creating a trust to manage the assets until the minor reaches a certain age.

In general, a residuary devise cannot be challenged by a creditor unless there are exceptional circumstances, such as fraudulent conveyance or if the deceased person’s debts exceed the value of their assets. However, it is advisable to consult with an attorney to understand the specific laws and regulations in your jurisdiction.