A residuary legatee is an individual designated in a will to inherit the remaining assets or property of a deceased person’s estate once all other specific gifts and bequests have been dispensed. Essentially, the residuary legatee receives any leftover items. It’s akin to being the person who receives the final piece of cake after everyone else has had their portion.
The residuary legatee is the individual designated to inherit the remaining assets of a deceased person’s estate once all specific bequests and debts have been settled. This person is specifically named in the decedent’s will and is entitled to receive the residue of the estate. To illustrate, if a person’s will states that their sister is to receive their house, their nephew their car, and $10,000 to their favorite charity, the residuary legatee would inherit all other assets not explicitly mentioned in the will. This could encompass cash, investments, personal belongings, and any other assets not specifically bequeathed to another individual. In a scenario where the will only designates one beneficiary, that individual would also serve as the residuary legatee and inherit the entire estate.
A residuary legatee is a person or entity named in a will to receive any remaining assets or property after specific bequests and debts have been settled.
Unlike other beneficiaries who receive specific gifts or amounts of money, a residuary legatee receives whatever is left in the estate after all other distributions have been made.
Yes, a residuary legatee can be a minor. However, their inheritance may be held in trust until they reach the age of majority or a specified age mentioned in the will.
Yes, a residuary legatee can be changed after the will is created. This can be done through a codicil, which is a legal document that amends or adds to the original will.
If a residuary legatee predeceases the testator (the person who made the will), their share of the estate will typically pass to the alternate residuary legatee named in the will. If no alternate residuary legatee is named, the assets may be distributed according to the laws of intestacy.
Yes, a residuary legatee can refuse their inheritance. This is known as disclaiming or renouncing the inheritance. In such cases, the assets will be distributed according to the terms of the will or the laws of intestacy.
Yes, a residuary legatee can challenge the validity of the will if they believe it was not properly executed, the testator lacked testamentary capacity, or there was undue influence or fraud involved in its creation.
The timing of when a residuary legatee receives their inheritance depends on various factors, such as the time required to settle the estate, pay off debts, and distribute specific bequests. It may take several months or even years before the residuary legatee receives their share.
Yes, a residuary legatee can be removed from the will if the testator creates a new will or codicil that specifically revokes their previous designation as a residuary legatee.
No, a residuary legatee is generally not personally responsible for the debts of the estate. The debts are typically paid from the assets of the estate before any distributions are made to the residuary legatee.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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